The growth in exports to China from other Asian economies has been depressed as China, by increasingly using domestically produced parts, has become less dependent on imports. Additionally, this year will almost certainly become an epoch-making year for China when outward direct investment exceeds inward direct investment for the first time.
We are called upon to decide how to find ways to harness the benefits from global capital flows, so as to avoid slipping back into protectionism and financial retrenchment, with potentially detrimental effects on global recovery.