The dominant contractionary force in the world economy is a commodity shock, which is not exactly the same thing as a China shock, though the two are related. These shocks are now starting to impact activity growth in the US, which has also slowed markedly since mid year, though some of this is probably due to a temporary inventory downturn. So far, the euro area seems to have been fairly immune to the global slowdown.
Global activity is projected to gather some pace in 2016. In advanced economies, the modest recovery that started in 2014 is projected to strengthen further. In emerging market and developing economies, the outlook is projected to improve: in particular, growth in countries in economic distress in 2015 (including Brazil, Russia, and some countries in Latin America and in the Middle East), while remaining weak or negative, is projected to be higher next year, more than offsetting the expected gradual slowdown in China.