Via the FEER’s Travellers Tales blog‘:

Jim Walker, chief economist at CLSA, has done the unthinkable, at least for a banker. He has predicted,
gasp, that in a couple years China will be growing at a mere 3% to 5%.
For most countries, the bottom of the economic cycle usually means
negative growth, but then in China anything below 7% has long been
considered a disaster, since those workers being laid off from
state-owned companies would have no chance of finding new jobs. … Still, we
wonder if such a "collapse" can be as benign as this. If there is a
balance-sheet crisis and all the excesses of the last half decade have
to be worked out, wouldn’t it look more like Korea in 1998?

Morgan Stanley’s Stephen Roach says Asia must prepare for a slowing Chinese economy, the key points of his arguments are reproduced at the China Stock Blog.