There are so many articles on global growth depending on Asia; so I went looking for corroborating evidence...it turns out that the "engine of growth" is sputtering. China GDP growth will halve and still represent 80% of global GDP growth in 2009. However, there is nothing to suggest that Asia is suddenly going to become a monothic group of consumers.
On the contrary, the news is dreary. Here is a potpourri of news articles/blogs on China in the past few days; the titles are descriptive enough: