Expecting China to continue to be the engine of global GDP growth is more than wishful thinking

Chinese authorities have been saying that they remain their forecast of 7% GDP growth for 2015. "The national economy has been running within proper range and the major indicators picking up steadily, showing moderate but stable and sound momentum of development," China’s National Bureau of Statistics said in a statement.

Some analytics are very scaptical concerning 7% because of the following:

• The Chinese stock market is down almost 30% from past June.
• The “wealth effect” created by a booming stock market.
• Chinese Ministry of Commerce said that exports could continue falling in the coming months after a drop of 8.3% in July.
• Combined exports and imports were down 7.1% for the first 7 months of 2015 as the Chinese government has stated.

As we see from the graph - the forecasting real GDP for China (forecasting was made by IMF) is 6.76% in 2015, and 6.00% in 2016.
Thus, expecting China to continue to be the engine of global GDP growth, at least in 2015, is more than wishful thinking.