As Kerry Brown, a China-watcher, points out, that does not mean the Chinese state is losing confidence, in both senses.

ECONOMIST: A poll on trust

Until 2007 regulation was rather lax, allowing start-ups to dominate the industry, notes Bill Bishop, a longtime China-watcher.

ECONOMIST: Chinese internet companies

The Washington Post cites Nicholas Lardy, a respected China-watcher at the Peterson Institute, as saying that urban housing stock accounts for 41% of household wealth in China, compared to 26% in the U.S., though mortgage lending is much more restrictive in China.

FORBES: Standard Chartered Sees Chinese Housing Rebound In 2013