The Hong Kong Heng Seng Index fell 8.7% overnight, and is down 22% this year. The Shanghai Composite Index fell 7.2% giving it a loss of 13% so far this year. Snapshot asks, are the declines in the Chinese stock markets an indicator of China’s reliance on the U.S. market for growth or an internal market correction?

Societe General – China: How the economy will weather a 20-25% deceleration in export growth in 2008
Goldman Sachs – Thoughts at the Start of 2008: China
Royal Bank of Scotland – China’s Exposure to the U.S.
Morgan Stanley – China Economics: Journey into Autumn: An Imported Soft Landing In 2008
Nuriel Roubini – The coming economic Recoupling and Financial Contagion
LEX – China’s Slowdown
Minxin Pei and Wayne Chen – A Crash in China’s Chance at Reforms
James Fallows - China Makes, the World Takes