With a stock market crash in China, an imminent bailout deal in Greece and earnings season kicking off in the U.S., there's no shortage of concerns bouncing around global markets. And one of those has long-time bearish investor Marc Faber particularly worried.
"We have now hard evidence that the Chinese economy is hardly growing at the present time," the publisher of The Gloom, Boom & Doom Report said on CNBC's "Trading Nation."
As Faber sees it, since China makes up almost half of the world's industrial commodities consumption, an economic slowdown there could have a wide ripple effect.
"If China slows down, the demand for industrial commodities goes down. It affects all the resource producers: Argentina, Brazil, the Middle East, Central Asia, Africa, Australia," Faber said Monday. "That can have a huge impact on the global economy."
Although the Shanghai composite index has started to rebound after a major selloff last week, Faber said he doesn't expect to see the index reaching any new highs. "It's still a fragile situation," he added.