If you want to know more about Chinese stockmarket, "A marginalised market" from Economists will give you a good view.
I remember once we have a class discussion on the theory that stockmarket acts as a leading indicator of the country's economy. A classmate raised China's stockmarket as the contradicting example . Then the professor added that the prequiste for the theory is the existing of the "real" stockmarket. The questions is: is Chinese stockmarket a real one?