See: http://www.economist.com/displaystory.cfm?story_id=10429271&fsrc=RSS
MOST people suppose that China’s economic success depends on exporting cheap goods to the rich world. If so, its growth would be seriously dented by a stuttering American economy. Headline figures show that China’s exports surged from 20% of GDP in 2001 to almost 40% in 2007, which seems to suggest not only that exports are the main driver of growth, but also that China’s economy would be hit much harder by an American downturn than it was during the previous recession in 2001. If exports are measured correctly, however, they account for a surprisingly modest share of China’s economic growth.
40% is no doubt a bloated figure. no matter how sluggish the US economy becomes, say 2% down, does that mean China will suffer the same degree of down-sizing? I suppose not.
The article suggests that China’s economic development does not fit to the export driven model, which economists may have taken for granted for a while. Due to the wrong model, they paid too much attention on China’s export, and ignored the autonomous domestic market China had developed, which might have played a key role in developing economy.