I for one see two major implications. The first is that it could seriously impeded China's economic growth and therefore stall the global recovery.
The second is that it will force China to constantly look for new sources of energy. That will bring them into conflict with the US and other countries over oil.
I like Thomas Friedma's suggeestion that W. pull a Nixon and announce a program to work together with the Chinese to develop an alternative energy economy.
These temperatures are nothing new for Shanghai. I spent part of the summer of 2001 in SH and the heat reached temps of 104F. It was miserable.
I would like to see the US looking and pushing to become energy independent. So we will not have to worry about being pitted against China for resources.