China's Growth Enterprises Market(GEM) reached a record on May 11. However, in the view of ANBOUND's visiting economist Zhong Wei, this upsurge isn’t totally a startup boom. There are many speculation factors. GEM probably has a lot of bubbles in order to increase market value. As a form of virtual economy, capital market surely has bubbles. But too much speculation capital and bubbles will accumulate great risks. How to keep the balance is a major issue for policy departments.