One of the reasons unemployment is not higher in the United States is because we have effectively outsourced much of our manufacturing needs to China. When manufacturing needs dropped dramatically, Chinese factories were impacted directly.

At one point, China considered a 9 percent annual growth rate the bare minimum it needed to maintain to accomodate the migrants going from country to city and/or to prevent social unrest (if those migrants could not find jobs). I don't know what their revised minimum growth rate is now - but it is clear China was dependent on its biggest customer, the American consumer.