If the Barclays Skyscraper Index, which posits bursts of skyscraper construction are a harbinger of great economic collapse and market crashes, is accurate, then the world is in for a, well, world of pain. And nowhere more so than in China.

While for nearly a century the undisputed leader in the construction of massive, phallic-looking, mega-buildings that reach for the skies was the US, over the past decade the baton has undisputedly shifted to the middle east, and specifically the Arab Emirates and Saudi Arabia, which currently house the top and second tallest skyscrapers in the world. The visual progression of the title holder for world's tallest building is shown on the chart below.

The complete list of the Top 100 currently completed skyscrapers, courtesy of Skyscraper Center, is shown below.

However, as the following summary from Vizual-Statistix indicates, one country that is embarrassingly "only" in fifth place when it comes to tallest buildings is China.

Which is why the centrally-planned communist country with a penchant for issuing trillions of dollars in loans each year then bailing out all insolvent financial institutions and shadow banks, and an even greater penchant for creating excess capacity, has taken it upon itself to catch up.

And as the following list of projected skyscrapers, over the next several years China will be host of 5 of the world's top 10 tallest buildings, and 14 of the top 20!

That's ok though - China is obviously suffering from a case of Skyscraper envy.

However, the true scale of the problem only emerges when one expands the list of buildings either already in construction or already proposed. The list below shows only the skyscrapers proposed or currently in construction just in China!

Which is why if the Barclays Skysraper Index is indeed correct, then China - ignoring all other sirens of an imminent credit bubble implosion - better watch out below.

Source: Skyscraper Center