Citing FT here (pic from NYT), but there's been a slew of stories recently in WSJ and FT on same subject: Western companies planning for less exports to China and looking more to home markets as a result.
As one exec put it: "The problem in emerging markets for us is really isolated to China."
Here also: "... the speed of the slowdown in Chinese demand has taken companies by surprise."
This is the higher labor costs kicking in prior to the domestic consumption driver kicking in enough to compensate for it - the essence of the middle-income trap.
Doesn't mean companies don't expect growth in China or aren't planning on it. Just means all this hype about the Chinese economy ruling all is rapidly dissipating.