Is China's Market Rise a Sucker's Rally?

I personally think this article is with reason.Because the fundamental is very worst.
Below article is from businessweek ,the link is :http://www.businessweek.com/globalbiz/content/mar2009/gb2009036_225738.htm?chan=top+news_top+news+index+-+temp_global+business


Below is with reason:
While stock markets across the globe plumb new depths almost daily, China's Shanghai Stock Exchange has been on a tear. Between Jan. 1 and Feb. 16 the Shanghai index raced up 30%, and despite some recent profit-taking, it is still up 20% this year. On the eve of Premier Wen Jiabao's Mar. 5 speech on the state of at the National People's Congress in Beijing, the market jumped 6.1% on reports Wen would announce additional economic stimulus measures. Although Wen didn't announce any new plan, stocks closed up another 1% after his speech, before dropping 1.26% on Mar. 6.
The rally, coming at a time when the Standard & Poor's 500-stock index, Hong Kong's Hang Seng, and Japan's Nikkei are all down sharply for the year, concerns some analysts. This is "hot money at work," says Jerry Lou, China equities strategist at Morgan Stanley (MS). "I think the whole thing is a rally without legs," he adds.
Rather than an expression of confidence in China's economy, analysts say, the Shanghai stock market rally is an unintended consequence of government attempts to rev up gross domestic product by pumping in money. Lending by China's banks (most of which are state-controlled) grew 20% in January alone, and though no hard figures are available, market watchers generally believe investors are using a good chunk of the money to buy shares through corporate trading accounts. "The market's recent outperformance and a surge in new account openings have fueled concerns that new bank loans are finding their way into the stock market," Jing Ulrich, managing director and chairman of China Equities at JPMorgan Chase (JPM), said in an e-mail.