I don’t think anyone has been surprised. The finances of the world have global impacts. China relies heavily on importing consumables to manufacture. This has indeed been part of the issue. This shows up in the PMI where China is sitting in the danger zone below 50.

China built an economy on consumer electronics and smartphones.

Machinery and electronics only account for about 40% of China’s exports and that includes industrial machinery and electronics as well. That’s just exports too, so it doesn’t include huge sectors like agriculture, infrastructure, housing, and local services.

It really hurts the credibility of the China doomers when you realize that their analysis is predominantly vibes-based.