Great article by Martin Wolf (Financial Times). He makes a great case comparing both bubbles.
From the article:
“Until 1990, Japan was the most successful large economy in the world. Almost nobody predicted what would happen to it in the succeeding decades. Today, people are yet more in awe of the achievements of China. Is it conceivable that this colossus could learn that spectacular success is a precursor of surprising failure? The answer is: yes.”
Full article here: “How China could yet fail like Japan“