Abstract: The complexity of modern economic bubbles displays itself not only in the independent running of financial assets, but also in the inherent fragility of financial system. Usually a basic consideration about bubbles in the Chinese development of modern financial economy is that proper bubbles in financial assets trade will benefit economic running. However, if enlarged trade amount doesn’t account for the actual requirement of economic trade, it becomes pure subjunctive activity, and thus harmful bubbles appear. Considering totally, in China, there are no signs that indicate the harmful bubbles both in real estate markets and in stock markets. But the relation between them and financial systems must be paid more attention to.

Key words: capital price, economic bubble, financial economics