Especially in the US, which has followed  BIS Review 28/2004  3  an expansionary monetary policy in the last few years, a rise in interest rates may have a strong cumulative impact on growth. Though such a development would help reduce the current account deficit it will certainly make fiscal consolidation in the US even more difficult.
Last, but not least, Chinese growth may slow, but this is a welcome development since recent very strong growth was exacerbating disequilibria in China and world-wide. The authorities seem to have realized that growth close to 10-12%, as recorded in the last few quarters, intensifies inflationary pressures and encourages investments in uneconomical projects, which have no chance to service their debt.