It is often said that when America sneezes, the world catches a cold. But now it is China that is coughing. While this is not good news for the American or global economy, its effect on the United States remains to be seen. Nonetheless, it is clear that a slowdown in China means fewer opportunities for companies doing business in or exporting to China.

"Slowdowns always hurt, regardless of why they are occurring or even where they are occurring," Mr Bill Reinsch, Scholl Chair in International Business at the Centre for Strategic and International Studies (CSIS), told The Straits Times.