China has 300% debt to GDP. 36 trillion USD. Greece has 176% debt to GDP and technically bankrupt.
The world is about to enter another recession. Trump is trying to bring back manufacture to the US but even if he did the population with their low wage growth wouldn't be able to afford consumer products.
The affect of China going into a recession through loss of trade would create a world recession as china is also a big consumer of US and global products. The world economy is in a stale mate.
China has had very little wage growth which keeps the population in poverty and a barrier to wealth creation. If there was more wage growth in China then the effect of other countries taking back some of the manufacturing from China would have a lesser impact on the world economy. The world economy would have more of an equilibrium.
Australia also is starting to experience a wealth creation problems like china because our cost of living is higher than wages.
