Excellent special report about China and the world economy (free!) in one of the past issues of The Economist. It offers a lucid macro-economic viewpoint, referring also the BIS annual report which I will have to have a closer look at now. The main point is that China has an increasingly dominant influence on the world economy, creating for instance the conditions for Greenspan's term spread conundrum.
The only cautious note I would like to sound vis à vis this great analysis is that the Economist is not unknown for analysis after the fact, i.e. things might take an altogether different turn shortly after the publication of the analysis. But then again, the article does not argue any specific directions.