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Here is a very important statistic concerning China's economy: domestic consumption accounts for only one third of GDP.
You are probably wondering where does the other two thirds of China's GDP go? The answer is investment. China has been lending $1.3 trillion in new loans. These loans have gone to industrial development projects. These projects have kept economic growth strong. The downside of this program is excess capacity in at least six industrial sectors.
Late in Tuesday's session, the World Bank cut its growth forecast for China to 6.5% from 7.5%. The bank cited dropping exports as a reason for the lowered forecast, but it did note that it is confident in China's ability to expand its economy in the current environment. The bank's quarterly report say that the drop in trade is going to negatively impact China's investment and job creation. Nevertheless, China should grow faster than other countries thanks to its stimulus package coupled with its strong banks, which have escaped the financial crisis unscathed. 
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