CHINA is now the biggest export market for countries as far afield as Brazil (accounting for 12.5% of Brazilian exports in 2009), South Africa (10.3%), Japan (18.9%) and Australia (21.8%). Each surge or wobble in China's economy has a material impact in these places. But exports are only one component of GDP. In most economies of any size, domestic spending matters more. At the start of the 1990s, Japan accounted for a bigger share of GDP than China does today. Its growth slowed from about 5% to 1% in the first half of the 1990s without any discernible effect on global trends.
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