What is the consequence of this.

The IMF says that it will have to upgrade the growth of China's economy:

http://en.people.cn/n3/2017/0422/c90000-9206232.html

This means that everyone one can breathe a sigh of relief that China's economy will be the driver for the growth of the global economy.

This is the evidence to Dean Kishore Mahbubani's claim that Economic Power has shifted from the West to the East.

However, American is still the top military hegemon of the world. Nothing will ever change this fact.