From Bloomberg

China's manufacturing expanded in June at the slowest pace in almost three years as growth in export orders weakened for the third month, a survey of purchasing managers showed.

The Purchasing Managers' Index fell to 52 from 53.3 in May, the China Federation of Logistics and Purchasing said today in an e-mailed statement. That's the lowest since August 2005.

A global economic slowdown triggered by the U.S. housing slump may be exacerbated by increased borrowing costs as central banks tackle rising inflation. China's growth will drop below 10 percent this year for the first time since 2002, the World Bank forecasts.

First, 10% growth is still pretty damn strong.  However, if America continues to stagnate and Europe falls into a recession, China is likely to continue to slow further.  A stock market that gets cut in half signifies something.

And then, what happens to commodity prices?