In an all-out attempt to catch up with the major powers of today, they ignore that the best course of development is a slower growth of 5% or less. Phasing out socialist state economy is a time-consuming and painful process. The elimination of surplus farm labor is another explosive problem. China has tens of millions of them all hopping onto trains bound for big cities in the Eastern coast without having anybody waiting there to employ them or house them even temporarily. They just go there and hope that they will get jobs.
But the leadership of China is living a dream of China in 21st centurey high-tech society, joining WTO, being lionized by many Westeners as leaders of soon-to-be superpower. They successfully created the myth of "inevitable Chinese superpower" in near future. This is partly due to the willingness of the West to buy such myth based on centuries of folklores about China in Europe. For people with long memories, they sure hurry too much to make up for time lost in last 100 years.
But that is really dangerous. They let loose the system which does not have checks and balance to ensure smooth economic activities. Economy has many loopholes for state meddling and boundless corruption, which could be at its worst in banking systems. They just began to make some decent inroads into a market economy but they and their western sychopants are already euphoric about the economic superpower. When America business publications go so exhuberant, it usually means that something terrible is around the corner.
So much hype will create the level of expections which will turn into bitter disillusions when things turn sour.