China’s stimulus benefited all its trading partners, from Australia to Brazil.1 Across the world the share of China trade increased.2 But, having recognized the scale and significance of the Chinese effort, it is important not to fall into the trap of allowing it to overshadow everything else. If we replace a narrowly Western view with a one-eyed focus on China, we fail to grasp the drama and complexity of the transition to a truly multipolar world. Ten years on from the emerging market debt crises of 1997–1998, what was impressive about 2008 was the policy response across the emerging
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