Worth a read although it will be a "long" one.
China’s crisis: a development perspective (part one)
China’s graduation to middle-income country status and its emergence as an aid donor and world power is arguably the most outstanding developmental achievement of the past five decades. This remarkable transition has been neither smooth nor linear, but punctuated by societal convulsions and underpinned by widespread environmental degradation. China’s environmental crisis is now one factor threatening to jeopardise future domestic growth prospects; it is also increasingly impacting other developing countries. The sheer pace of change is taking us into unchartered territory.
China’s crisis: a development perspective (part two)
From a resource consumption perspective, China’s role as a major importer of primary commodities, manufacturer and subsequent exporter not only provides the world with affordable goods, but provides huge opportunities for commodity exporters, primarily in the developing world.
China is now one of the most important global buyers of oil, minerals and timber, and agricultural commodities such as soybean and palm oil. China has huge cash reserves, and Chinese companies often outbid western competitors for oil and mineral concessions, sometimes paying very high premiums, which should benefit the producing countries.