The writer is head of emerging markets economics at Citi
One often hears that China accounts these days for about a third of global GDP growth. That’s true enough, but a more interesting statistic is this: in the 10 years running up to the pandemic, China accounted on average for almost half — actually, 47 per cent — of global investment growth.
Since it’s investment spending that supports the dynamics of global trade and of global commodities demand, China’s very large role in shaping the global investment cycle means that any open or commodity-dependent economy has become “China-dependent”. That’s as true for Germany as it is for Brazil.
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