The shift in growth seen thus far, though, is consistent with China’s transition to a more services-  BIS central bankers’ speeches  3  oriented, domestically driven economic model; if we look at it that way, we have no cause for anxiety.
And those countries which derive a large proportion of their value added from commodity exports are likely to benefit from the latest recovery of commodity prices, especially the significant increase in oil prices. By contrast, the United States and United Kingdom recently saw a slight deceleration of growth, with US growth being curbed by the oil industry delaying investment, amongst other factors.