The going, going, forgone conclusion about the Chinese economy is that it’s not going to be able to return to the gangbusters growth it exhibited over the last few years. The government is even saying so itself.
But that hasn’t stopped Chinese stocks from surging to post-financial crisis highs. It probably doesn’t hurt that the People’s Bank of China is expanding its easing efforts. So let’s take a moment to ignore all the leverage and the problems that might come with it, and gawk in awe at this rally.