While some believe we can decouple from the primary and secondary impacts of a China slowdown (jst what happens if we all decouple from the world?), it seems like wishful thinking that the growth engine of the world can now be waved aside on the back of "well, they will just re-stimulate and will be well" especially given where oil prices are currently. Michael Cembalest is little more sanguine that us on China's growth (expecting 7-8% GDP growth to fuel Asian economic activity) but given the 'easing' that has already occurred in China: Chinese government has injected more liquidity; expanded the quota for foreign equity investment; cut bank reserve requirements; delayed tighter capital adequacy rules; created a program through which municipalities can issue bonds with government guarantees (rather than having to borrow from banks); eased first time homebuyer restrictions; and injected capital into its biggest banks; and yet still the macro data is leaking weaker as these 12 charts highlight only too harshly.
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Source: JPMorgan