Headlines in the first few weeks of 2016 have been dominated by hysteria over the slowdown in China and its impact on the global economy. Why are stock markets falling? China. Why are export-driven economies facing recession? China. Why has the oil price collapsed? China (or at least in part; for other commodities it really is China). The reality is inevitably more nuanced, as the government's announcement of 6.9% official GDP growth in 2015 highlights. However, what is not in doubt is that what happens in China in 2016 will have major consequences for commodity demand and pricing.