http://seekingalpha.com/article/193626-is-china-about-to-lead-us-into-a-double-dip

conclusion:

While China’s economy begins to show some warning signs, U.S. investors have signaled the all clear and are having a virtual free-for-all on the riskiest of risk assets.

Curiously, the Chinese appear to be approaching the economic environment with substantially more prudence than their U.S. counterparts (much like their spending habits) despite continuing signs of private sector balance sheet weakness in the United States (you’d think it was the other way around!).

China has proven to be a fairly consistent leading indicator over the last 18 months when it comes to the equity markets. U.S. investors could be wise to take note.