It will be interesting to see what China's economy looks like if importing countries are not buying from it. As bad as the lack of transparency on Wall Street is, the lack of transparency anywhere in China is worse.
Are the Chinese making things that Chinese want to buy? Most of the country is still rural; they don't want trainers and consumer electronics (or rather they do, but not before the infrastructure is built out). China's foreign-currency earning economy is almost a completely different entity from its interior economy.
Local consumption is a big growth market in China. Accelerating, I believe. Exports are obviously still important, but more is produced for local production every year.
