The slowdown in China's imports will affect global economies.

https://www.reuters.com/article/us-china-economy-trade/china-march-exports-rebound-to-five-month-high-but-imports-fall-more-than-expected-idUSKCN1RO0Q7

China's exports are growing but imports are shrinking very sharply.  This doesn't bode well for the global economies particularly for export-oriented countries like Singapore.

China's consumption constitutes close to 80% of its GDP and China is no longer an export-oriented country.

http://en.people.cn/n3/2018/0919/c90000-9501725.html

http://sg-stock.blogspot.com/2017/05/china-slowdown-is-bane-for-world.html

Therefore, any reduction in local consumption has a significant impact on China and the world as China contributes 1/3 of global growth.