This is particularly evident if we consider that they account for more than 50% of world output, 40% of world trade volumes and an increasing, albeit still small, share of global stock market capitalisation or international bond issuance. 17 China is increasingly becoming a global player, whose decisions have increasingly relevant repercussions at the global level.
Its share on global GDP has risen substantially, it accounts for a larger share of global trade, and is gradually liberalising its capital account and thereby integrating into global financial markets. Nevertheless, developments in China still have less direct impact on the euro area than those in the US.