Other competitors in the capital goods sector include: Caterpillar (CAT), China Yuchai International (CYD), and REGAL-BELOIT CORPORATION (RBC).

FORBES: Earnings Preview: Cummins

Cat's formula for success in China--a broad sales and service network, supported by financial services, and remanufacturing of used equipment--has worked so well that it is now being taken to other markets, including Russia and India.

FORBES: Magazine Article

Outside China, hospitals are struggling to get funds for diagnostic machinery such as CAT scanners, MERs and the like.

BBC: News | NHS at 50 | The NHS at 50: What you think

This is the first time that a CAT machine has been wholly designed, validated and built in China, for the Chinese market.

FORBES: China Will Drive Caterpillar's Long-Term Growth Despite Recent Weakness

He knew he could hire a few different people from China to do his entire job, and spend his valuable time watching cat videos and updating his real time facebook status.

FORBES: Outsourcing the Outsourced: New Ziptask platform looks to disrupt outsourcing industry

Particularly vulnerable are major US multinationals with a large presence in China like Boing (NYSE:BA), Caterpillar (NYSE:CAT), Coca-Cola (NYSE:KO), PepsiCo (NYSE:PEP), McDonalds (NYSE:MCD), Procter and Gamble (NYSE:PG), General Motors (NYSE:GM), Ford (NYSE:F), and Yum Brands (NYSE:YUM).

FORBES: US Currency Bill: Will China Yield?

In the meantime, a reflating of the Chinese bubble will be good news for American companies like Caterpillar (NYSE:CAT) and Freeport-McMoRan (NYSE:FCX) that are major exporters to China.

FORBES: Is China Deflating or Reflating the Bubble?

Much of the equipment Komatsu sells in China is manufactured at its U.S. plant in Peoria, Illinois--two miles away from Cat's headquarters.

FORBES: Squash The Caterpillar

In January Cat completed its purchase of remaining shares in Shandong SEM Machinery, a leading maker of wheel loaders in China.

FORBES: Digging In