Interesting article by Standard and Poors...

Interesting article by Standard and Poors titled

https://www.globalcreditportal.com/ratingsdirect/renderArticle.do?articleId=944626&SctArtId=94125&from=CM&nsl_code=CMTFRI

The Top Risks To U.S. Credit And The Economy. Quote

"5% GDP Growth In ChinaAs Europe's leaders grapple with a debt crisis and recession, and the Obama administration looks for ways to bolster the U.S. economy, world growth in 2012 will rely heavily on China. After real GDP growth in China slowed slightly to 9.2% in 2011, our base-case economic scenario calls for about 8% GDP growth this year from double-digit expansion in recent years.
We view the risk of only 5% GDP growth in China as plausible, although a stable one at this point. If such a scenario were to materialize, its negative effect on the U.S. and global economies could be substantial, particularly in the commodities and materials markets, where China is a large source of demand.

Here is a chart of the Shanghai B index showing declining swings (Lower Highs and Lower Lows), fibs, the 50% resistance from the previous swings and also a possible head and shoulders setup - if the Index breaks the shoulder we could be looking at previous lows. Let's hope not.