Actually, businesses already slow since May...
I don't think there will be a liquidity crunch, just many investors, hedge fund, speculators too addicted to the QE already, suddenly, said QE tapering, then it is like end of the world.
US economy is rather intact, from various economy data showing. Yes, not growing robust and rapidly, but at slow and steady pace. Not in recession, not depression.
China liquidity crunch is easier to solve as compared to US subprime mess.
PBOC can provide liquidity if situation turn worse, after all, China capital market and banking is not as open and free as US. So PBOC should able to solve it much easier than US subprime version.
After all, a minor liquidity crunch may be good for long term future, by killing off persistent high inflation in China, as well as taming the loan growth that spur the inflation.
If there is severe liquidity crunch like 2008 crisis, then it may provide a second life chance to buy dirt cheap stock again.
Seldom lottery hit twice one...

I refer more on the Malaysia than worldwide .
U mentioned our rates are very stable for 10 years, but it is also a known local fact our Govt does not pay u on time, dragging here and there on payments.
So what is the use of projecting a good and stable economy .........