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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
Global fallout from China's industrial slowdown
Mark M. Spiegel

China’s demand for imports helps support the global economic recovery, so China’s recent economic slowdown has caused international concern. China’s slowdown is concentrated in the industrial sector, while its emerging service sector has shown much new strength. However, China’s service sector is relatively closed and relies only modestly on imports. Accordingly, service sector growth is unlikely to offset the adverse implications of a slowing China for global trade.

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Mark M. Spiegel, "Global fallout from China's industrial slowdown" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 35, 2015.
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