American politics still tends to think of China in terms of cheap and plentiful exports, and as the hoarder of the globe's manufacturing jobs. But that industrial boom required enormous raw materials, and it came with a rising middle class that wants stuff.
As Joseph P. Quinlan, a chief market strategist at Bank of America, demonstrated in a recent note to clients, that's made China a key source of global consumption as well — a title our politics tends to bestow on America itself. In fact, China recently overtook the U.S. in terms of how many countries rely on it to buy their exports:
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