I am not sure about what is going on in China. I know that its economic growth is slowing and has been slowing for some time. But are the wheels coming off? Some have predicted this from some time. And there is reason to worry — China’s banking system is overloaded with bad debt. Some thought that China could “grow its way out of this”. And it still might. Others are starting to wonder if that is a pipe dream. Bottom line — keep your eye on economic data coming out of China for the next six months or so. Especially data about the banking system and real estate in particular.