, Columnist
Big News From China: Its Implosion Didn't Happen
Somehow the nation once seen as a major swing factor has become the rock on which global growth depends.
Address your thank-you notes to Zhou Xiaochuan.
Photographer: Lintao Zhang/Getty ImagesChina's economic performance is all about what hasn't happened. That's huge.
The world's No. 2 economy didn't implode under a mountain of debt, nor did trade tensions with the U.S. bring exports undone. And there certainly hasn't been the trade war many feared a year ago. The country's growing reliance on services and consumption as an engine of growth -- a little-understood phenomenon in the West -- wasn't reversed. Kudos.