The Chinese economy is showing further signs of cooling down, and it is now expected to grow by around 9% to 9.5% for the full year. That would still help it retain the fastest growing economy tag, but it would be closely followed by India at around 9% growth rate.
Any further drop in Chinese growth would mean drop in export orders for most of the Asian nations including Japan and South Korea. That would in turn force these countries to cut down on their imports from US / Europe region. So the entire world is now praying for continued expansion of the Chinese economy.
That is a sea change indeed in a decade, as ten years back, nobody would have even bothered to check as to how the Chinese economy was performing.