Asian economies’ deepening trade and financial integration has left them increasingly vulnerable to growth shocks from China, with exporters of commodities and capital goods especially vulnerable. In fact, a study by the Asian Development Bank shows that Chinese shocks have larger and more persistent effects on individual Asian economies’ output than do global shocks, as a 1% increase in China’s GDP raised GDP in emerging East Asia by about 0.6%.
不断深入的亚洲各经济体贸易金融一体化让它们越来越容易受到中国的增长冲击，其中大宗商品出口商和资本货物尤其脆弱。事实上，亚洲开发银行的一份研究表明，由于中国GDP每增长1%就会带动东亚新兴经济体GDP增长约0.6%，因此中国对个别亚洲经济体所造成的冲击比全球化的冲击还要更大更持久。