Some smaller European luxury-goods makers that were late to the emerging-markets wave in China are now pursuing costly efforts to catch up.

WSJ: What's News

Now, this same mindset is catching on in China, and as the fear of failure goes away, we may see another golden era for startups in China that outdoes the first wave from 2004-2008.

FORBES: Serial Entrepreneurs Set Up Shop in China

The first wave of children born under China's one-child policy are now entering their 20s.

CNN: CALLING ALL SHOPPERS

On the contrary, if China decides to continue with its traditional investment-led growth model, it may see a fresh wave of infrastructure spending and boost demand and prices of natural resources.

BBC: Asian economies face regional and global challenges