This was widely viewed as a success, and an indication that China could persevere despite continuing problems abroad. However, the slow recovery in the United States and the sustained downturn in Europe dampened demand for Chinese exports. This has been a powerful reminder—unpleasant though it was for China—that our fortunes are often enmeshed. These external burdens contributed to slowed growth, and the World Bank now expects the Chinese economy to grow just 7.5% this year. I say “just”… obviously, most countries would be thrilled with 7.5%.