And the new power of the Chinese consumer is showing up in various forms.

"It could be a trip to Sydney's Taronga Zoo, a compelling new Korean drama, an upmarket store in London, a multi-million-dollar footballer, an online payment app, a robot, or an electric car," HSBC's Julia Wang and James Pomeroy wrote in a recent report.

They continued: "The common thread is that all roads, wherever they are in the world, eventually lead to China in some way or another."

Yes, investors may be jittery as China is slowing down amid myriad challenges and gloomy predictions of its short-lived rebound. But its economy is contributing more to global growth, and the more optimistic Chinese consumers are flashing their wallets in a way that shakes up the world economy.