China has used an artificially weak currency, low labor costs, and business subsidization to increase the supply of cheap goods in the global economy, which has driven massive trade surpluses in the world's fourth-largest economy. To date, China has for the most part viewed the current economic setup as a condition with only benefits for China, and without liabilities. But that is decidedly not the case.

True, the current framework has helped China develop and the global economy expand, but rising protectionist sentiment in the U.S. and Europe (among other nations) stemming from massive trade imbalances is beginning to rear its head. Further, absent rising domestic consumption, China's economy stands to lose considerably if its export-driven revenue begins to decline.

Also, while Asia's dramatic development lessens the impact of a slowing U.S. economy on the region, there isn't enough evidence to suggest that China's economy could drive strong Asia-hemisphere growth, absent increased demand from China's residents.

With no change in the "trade status quo," the international community may very well be left with a slowing U.S. economy and a slowing Asian economy, to go along with a tepid European economy. And as any economist will tell you, sub-par growth in the world's three major regions does not exactly bode well for the global economy, which only underscores the requirement for China to increase domestic consumption, in the quarters and years ahead.