Well, honestlt speaking, I am a bite on the conservative side. My belief is that we are going to experience a prolonged period of recession (if not depression). Both the US & China economies will be crippled.
Although some argue that China is less affected like other countries by the US credit crunch, do not forget that massive recall of China's products (food to begin with) from all over the world is going to hurt the importers, exporters and manufacturers. Deteriorated cashflows, inventories (tainted raw material & finished products) write-offs and business disputes are emerging. It is not difficult to imagine what is going to happen next...