While China's average income is still so low as to cause it to be listed as a developing nation, it still has huge room to grow and whether that growth is at 2% or 12% is not hugely relevant.

Of all nations China is perhaps best placed to turn inwards and carry on growing its own markets if its exports slow.

The west is a pretty saturated market and other than new toys like phones with rounded corners and replacements for worn out commodity goods, it is not easy to see where any serious growth can still come from.

One level of China is now very high-tech and very well educated and that bodes well for the growth of their entire nation whether we can afford their goods or not.