My limited understanding is that China's economy is similar to what we had in the US around 2008. If that is true, and I am not certain that it is, the sheer size of China's economy would impact a good chunk of the world. Plus, I don't trust anything that comes out of the Chinese government.
But I could be completely wrong about all that. All my stock market stuff is based purely off charts so I don't have to try to guess any of that other stuff.