China's announcement it would cut lending to slow down inflation is sent global stocks soaring downward. The move and its fallout have many wondering if China has a stranglehold on the world's economy.

We're looking at perspectives from CNBC, PBS, The New York Times and FOX Business.

The chief U.S. economist at Deutsche Bank tells CNBC that China's decision was necessary to cut inflation, and will spur economic growth rather than shrink it.

"If you look at the Chinese inflation data, it was actually very tame, so China is trying to get out ahead of this, because we know in cycles, it's inflation that often stops business cycles. So yes, I think the market is over-worried about it."

The president of a global investment firm agrees, telling the Nightly Business Report on PBS this is a normal response when dealing with inflation.

"There's always two ways to look at rate hikes. One is, it is inflationary, and two, it is because the economy is, in a healthy way, growing very strongly, and certainly, the reserve rate hike that we've seen in China is because the economy is growing very healthy. In fact, just the day before, we saw very positive news on the inflation front coming out of China."

A reporter for the New York Times, however, says that China is making a major decision that could affect the world's economic recovery.

"…if China brakes too hard, it risks slowing global growth overall and throwing other countries, including the United States, back into recession. For the first time in history, China’s economy is acting as a major engine pulling the rest of the worlds out of recession."

A panel on FOX Business does not believe that China has enough weight to pull around the world's economy -- or, at least not yet.

Matt McCall: "I mean, it's not going to be a driver of growth for tomorrow. However, the next generation of growth is going to come from China. I mean, they're set to be the second largest economy in the world, take over Japan, and they're gonna start importing because they only have so many goods, and as their middle class grows, there's going to be demand for goods coming in from developed countries such as the United States."

So, what do you think? Does China have a significant grip on the world's economy, or is it no different than other economies?

Writer: Brandon Twitchell

Producer: Newsy Staff