The Chinese Super League bubble may be about to burst, with the Chinese government keen to curb the frantic spending that has gripped recent transfer markets.

Over the past 12 months, Chinese clubs have lured big names away from established European leagues for astronomical wages, with Brazil internationals Ramires and Hulk and former Southampton striker Graziano Pelle among those to make the leap.

During the current pre-season transfer window, clubs have continued to break records. Oscar's £60m (€70m) move from Chelsea to Shanghai SPIG now sees him reportedly earn in the excess of £500,000 a week, enough to make him the best paid player on the planet. That was until Carlos Tevez arrived in the Far East, leaving Boca to Juniors to play for Shanghai Shenhua in a deal that sees him earn a reported £615,000 a week.

The Asian football transfer record has been broken five times in the last year, with Cristiano Ronaldo's agent Jorge Mendes recently claiming an unnamed Chinese club had offered Real Madrid €300m for the 31-year-old, and were willing to pay him more than £85m a year in wages.

However, the spate of unprecedented spending could soon be halted, with China'sState General Administration of Sports (SGAS) warning they will "regulate and restrain high-priced signings, and make reasonable restrictions on players' high incomes".

An SGAS spokesman added they will look to bring in rules to accommodate and encourage local players to create a "culture" of Chinese football.

In February 2016, Arsene Wenger warned of the threat Chinese clubs pose to Europe's traditional football powerhouses. Less than a year later, his star player Alexis Sanchez has been heavily linked with a move to Hebei China, now managed by former Manchester City boss Manuel Pellegrini, where he would earn £500,000 a week.

Chelsea manager Antonio Conte has also condemned the wild spending. While the Blues have earned £85m from Chinese teams, the former Juventus and Italy boss describes the recent trend as "a danger to us all" in December.

Oscar
Oscar left Chelsea for £60m. Getty

Chelsea have been the side most involved in the rise of Chinese spending. In addition to Ramires and Oscar, John Obi Mikel has become the latest to make the switch, leaving Stamford Bridge to join Tianjin Teda after 10 years in West London.

Blues skipper John Terry has also been linked with a move, with reports late last year suggesting he could become the biggest English name yet to play in the Chinese Super League by joining Oscar at Shanghai SIPG.