Gene Frieda, global strategist for PIMCO out of London, wrote this in May about the slowing credit impulse in China's economy:
"Nonetheless, the complacency over China’s potential deceleration, combined with the greater likelihood that strong U.S. confidence indicators will now move more in line with the lackluster real economy data, suggest that some of the froth will come out of the most growth-oriented segments of the global markets."
“credit impulse,” the change in the growth rate of aggregate credit to GDP
China's credit impulse has clearly been slowing:
The global credit impulse has also slowed down sharply: