We see people drawing conclusions from slower or flattened growth all the time, most recently on PC sales. My take is, every growth curve ALWAYS ends up being an S curve. No one should expect rapid rise to go on forever.
In this case, seems to me there are two simultaneous causes. One is that the flow of manufacturing to China from overseas may be slowing down, simply because those who wanted to offshore manufacturing have done so. The other is the global "economic malaise."
The Chinese domestic market still has potential for gymongous growth, of course. My bet is that this is where growth, for Chinese companies espcecially, will come from in the future.