In fact, it is estimated that China has accounted for 60% of non-Japan Asia's domestic demand since 2000. Furthermore, around one-third of global economic growth, measured at PPP rates, is due to China economic development.
The biggest emerging market is also one of the biggest consumers of commodities. For example, it consumes about 28% of global refined copper, almost three times more than United States and 9% of global oil consumption, compared with 24% in U.S. Going further; strong Chinese consumer demand is helping to offset the weakening trend in US consumer demand. Indeed, S&P500 firms are getting more and more dependent on foreign markets. According to Goldman Sachs a third of S&P500 revenues on a market cap weighted basis are coming from outside U.S.