Can exporters wean themselves off the US consumer?

There must be more to a $46trn global economy than the American consumer and Chinese producer? says economist Stephen Roach. But how successful have exporters such as China been at growing other markets, at home and abroad?

Surely, there must be more to a $46 trillion global economy than the American consumer and the Chinese producer. Not only is that the current verdict of financial markets, but it is consistent with the sentiment I have been picking up from a broad cross-section of our clients -- business executives, investors, and senior government officials -- as I travel the world this fall. While they concede the possibility that these two engines of global growth may, indeed, slow in 2007, there is a general belief that other economies are now perfectly capable of filling the void. Hope springs eternal that such a global decoupling would allow an increasingly vibrant global economy to keep growing while barely skipping a beat. My advice: Don't count on it.

Can China create sustained domestic demand?

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