UPDATE 1-Greenspan-China stock market has bubble qualities

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LONDON, Oct 1 (Reuters) - China's booming stock market has all the characteristics of a bubble, former Federal Reserve chairman Alan Greenspan said on Monday.

"If you ever wanted to get a definition of a bubble in the works, that's it," Greenspan said in a question and answer session in London, referring to the Shanghai stock market.

Greenspan was responding to a question about whether emerging market equities were the next asset bubble waiting to burst.

Shanghai's stock market has rocketed in recent years as capital has flooded into China where the economy is growing at double digit rates, prompting concern about overheating.

China's policymakers have raised interest rates in an effort to cool the breakneck pace of expansion, but with limited obvious success so far.