the americans are the kings when it comes to manipulating the numbers. the american inflation rate is so laughable that many people know its made up. and since the inflation number is understated, the gdp number is totally fake due to the gdp deflator, i dont think the US economy grew last year at all, its all a political game those numbers. so is the unemployment number. the american media is so powerful no one questions them thus they receive no scrutiny.
china's economy is not overheating, it WAS overheating to due 2009-2011 lending, thus the government introduced very tough monetary measures including raising RRR to 21%(US RRR is currently at 10%) and interest rate to 3.5%(US interest rate is at 0.25%), then house buying was tightened incredibly with 40% down payment for 1st house, 60% down ayment for 2nd house and banned from buying 3rd house, auto buying was tightened.
under this tight environment, the economy will slow, it was designed to slow. inflation was running too high due to the lending but also hot money inflow from QE2 from bernanke. because of QE2 china didnt raise interest rates further because speculators will buy the assets of the country with the higher interest rates, the higher china raised interest rates, the more money would come into china, thus worsening inflation. that is why RRR was used instead. another problem for china was the out of control property prices due to the lending in 2009-20011, which had to be brought down to reasonable levels so the average chinese can afford them and to destroy the property speculators.
these tight conditions have been in force for a while now and you are seeing inflation coming down and property prices are falling. these were the 2 things china wanted to achieve.
now you will see china loosen policies both in monetary, fiscal(tax cuts, increase spending), and in the 2nd half loosen housing policies.