China has become a closed economy: GDP growth, the quantity of money and credit in China now has merely an accounting influence on the global economy

China has become a closed economy in recent years : The foreign trade share of GDP has become low; Chinese growth is driven by domestic demand for services; China’s capital controls and the small size of its external surplus separate its financial markets from those of the rest of the world. As a result of this separation of the Chinese economy, both in real and financial terms : While China’s GDP growth mechanically influences global growth, its growth no longer affects growth in the rest of the world; While growth in credit or in the money supply mechanically influences global growth in credit or in liquidity, it no longer affects financial markets outside China.