Chinese index CSI 300 beating all time high.

At time when all major world indices are struggling, Chinese benchmark index CSI 300 gained 14%, YTD doubled its value. It hasn't been stopped by 10 years maximum CPI, 5.6%, and not even by interest rate hike. But fundamentally they're pretty expensive with PE valuation 50. Second position is held by Peru with valuation 44. Chinese stocks are becoming overheated. To compare, individual investors are participating on 60% of trades in China Stock Market when in US markets it's 5%.