Fears about China's economy and its impact on the global market are rising after the unexpected interest rate cut by the People's Bank of China. This move comes amidst concerns about the country's growing debt and slowing economic growth.

Renowned stock pickers Cathie Wood and Jim Cramer have chimed in on the situation, with Wood highlighting the excessive debt and associated leverage that are now surfacing in China. Cramer, on the other hand, called for the Chinese government to address its debt problem for the sake of future financial stability.

Wood also emphasized that the mainstream narrative about China might be wrong, pointing out that China has been a perennial underperformer in the long run. This sentiment is shared by fund manager Jason Pidcock, who believes that China's long-term performance has been lacking.

Wood further discussed how China is exporting deflation, a phenomenon that economists have not fully grasped. Despite the yuan's 15% depreciation against the dollar in the past year, the country's Producer Price Index (PPI) inflation rate has dropped by 4%, contrary to expected economic principles.

This raises concerns about the strength of China's role in the global supply chain and its ability to drive inflation through currency depreciation.

With conflicting views and economic indicators, the question remains: Are fears of China's economy slowing down justified?