Will stocks hit another (great) wall?

Is it too late to catch this phase of China's growth? Some analysts say it's different this time around, and thus this boom won't go bust. "There's much more to the Chinese economy than in the 1990s," says Edmund Harriss, manager of the Guinness Atkinson China & Hong Kong Fund . Back then, the economy "was under the government's thumb, and the emphasis was strictly on growth." This time, "it's about profits, too."

In the 1990s, the government owned almost everything, while "much of the growth this time is coming from foreign investment and Chinese public corporations as well as privately-owned companies," Harriss says.