Is China Really in a Bubble?

| About: WisdomTree Chinese (CYB)

This chart (click to enlarge) compares the Shanghai Composite with the Hang Seng Index and the S&P 500.

While China clearly has excesses galore and issues to work out, is "bubble" the best way to think of the Chinese equity market given that the Shanghai is 50% below its peak and that the Hang Seng is almost 25% below its peak?

What do you think?