As the age of globalization grapples with its first energy shock, few major economies may be more vulnerable than China. That is not what you will read in the popular press. There, the story is China’s 9.5 percent growth, its boundless potential and how the Chinese juggernaut will soon cost you your job. It is also about how China’s boom is behind rising prices at gas pumps from Atlanta to Osaka.
Yet China is not immune to crude oil prices approaching $70 a barrel.