I agree that 19B isn't likely to re-inflate the bubble. It seems strange how the government is so vocally taking a stand in a battle they cannot win. To do so only makes it look like their influence over the economy is more limited.
I don't think that the shockwaves will carry to the US and European economies to the extent that it will cause a downturn. I don't know much about African economies, but I do know that China was investing heavily in Africa. This could reverberate there. Also, I believe Australia exports a lot of raw material to China.