It seems China has realised that its trading partners aren't doing well, so maybe they aren't either. Running an autocratic business will always result in favourable monthly/annual financial reports but it will catchup eventually.
I suspect China will have to take stock and look at its real situation. The USA has gone back into itself and shows less interest in developing China and India, while it reinvigorates its own domestic scene. IMO innovator countries like the USA and UK will regain global presence at the expense of cheap labour countries, China being the latter.
Of course the knock on effect for us, could be difficult times, especially as we haven't positioned ourselves as a semi industrial, innovator economy. Politics aside, I think we let the clever ship sail when we turned our backs on Gillard's education revolution, high speed net comms, etc and I think we will pay for that as China comes off the boil.
I see China has started reducing interest rates to try to stimulate domestic activity