The panic flight of investors from mainland and Hong Kong stock markets on Wednesday is for good reason. The possibility that Beijing might turn off the massive liquidity spigot that has fueled the equity market is coming none too soon. China's credit explosion has not just delivered another stock market bubble but a commodity one as well. The stock blowout was well illustrated by the launch of Sichuan Expressway A shares, which immediately rose 200 percent over the issue price and now are at a huge premium over their Hong Kong-quoted equivalent. China's stocks have so far gained almost 90 percent this year.