There are some great pictures of new buildings being demolished in China here. Although the pictures may not represent it, there will be lots of boom time malinvestment to wipe before growth can resume on a sound basis.
Given how much production China is responsible for, I suspect lots of the adjustments will occur there. They will be aware of the implications of this and I expect them to play the currency wars hard.
The currency wars will no doubt turn into trade wars and the trade wars into real wars. Can’t tell who they will be between, but with this many countries going through bad times some will opt for nationalism and war to distract their peoples. I’m hoping to be proved wrong on this.