From CNBC: "'We are not surprised, having been well-below consensus on China for some time. Indeed, the risk that our downside scenario materializes—that China's economy will suffer a hard landing—appears to have increased appreciably and is now close to being our baseline assumption,' Clare Howarth, head of Asia-Pacific macro services at Oxford Economics, said in a research note this week."
"'This would mean average GDP growth closer to 4 percent over the next five years rather than our baseline forecast of 5.8 percent.'"
"'The authorities are responding—but they have not so far announced the kind of massive stimulus package that followed the global financial crisis. If China is unable to prevent a continued rapid slowdown, the implications will be felt around the world,' Howarth told CNBC."