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"Not bearish enough on China"

First broadcast on May 2011

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With all due respect to the people of China, the Chinese economic miracle is a little bit overdone.

The growth to date has been fantastic, but no tree grows to the sky. Can China keep throwing up high rises and building cities and infrastructure that no one uses?

Given what an important customer China is for all sorts of commodities, this could have a big impact on commodities and commodity countries like Australia and Canada.

Then there's the question of soft landing vs. hard landing. "Reasonable" people are finally acknowledging that a downturn is inevitable, but they expect it will be soft.

Better hope it is. Because in a country with 1.3 billion people, many hungry and with little to lose, "retracement" can be a real bitch.

Jim Chanos is the world's largest short seller according to CNBC.