China's economy will slow as the price of oil goes up.
As the price of oil goes up, China's economy will slow as will all other "economies" because in truth, there is only one world economy...However, in theory at least, the US economy (as it is more of a "service" type economy, will be less effected by the price of oil than the economy of China and other emerging market nations who's economies are more tied to the oil-consuming manufacturing sectors...
Of course every "economy" is heavily dependant on the price of oil.