No one can predict the future. From my readings this is what I found. A slump [ recession] in China could adversely affect world economic confidence causing a range of problems. China imports raw materials and exports cheap manufactured goods. If China did go into recession, demand for commodities such as oil and precious metals would fall. This would cause lower commodity prices. It would particularly affect commodity exporting countries like Australia and Canada. Of course, some countries would benefit from lower commodity prices.

From Wikipedia: The financial crisis of 2007–present, or the Great Recession as it is now starting to be called by some,is a crisis triggered by an insolvent United States banking system. It has resulted in the collapse of large financial institutions, the bailout of banks by national governments and downturns in stock markets around the world. In many areas, the housing market has also suffered, resulting in numerous evictions, foreclosures and prolonged vacancies. It is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s.[3] It contributed to the failure of key businesses, declines in consumer wealth estimated in the trillions of U.S. dollars, substantial financial commitments incurred by governments, and a significant decline in economic activity. Many causes have been proposed, with varying weight assigned by experts. Both market-based and regulatory solutions have been implemented or are under consideration,] while significant risks remain for the world economy over the 2010–2011 periods.