China is growing strongly, which will help the region to expand even in the face of weaker conditions elsewhere. But, the Chinese authorities are trying to slow their own economy to avoid overheating. So, Asian nations will need to assess the overall economic fall-out from the current episode in formulating their own policies.
So the Chinese economy has not crashed. But neither is it likely to return to the sorts of double-digit percentage rates of growth in real GDP, and 15 per cent growth rates for industrial production, that we saw for some years. People expecting that to resume are likely to experience disappointment.