The IMF expects the world economy to shrink 4.4 per cent this year, the sharpest contraction in recent history, but China is forecast to expand 1.9 per cent thanks to a robust recovery that has not been hampered by a strong resurgence of coronavirus as in many other countries.

As my colleague in Hong Kong noted recently, Asia’s largest economy is becoming an increasingly important market for businesses around the world. Globally, the share of exports shipped to China rose to above 11 per cent in the three months to June, an FT analysis of IMF data show — the highest level since the series began in the 1980s.

So how is this playing out, country by country? Let’s start with Japan. Overall, Japanese goods exports fell 19 per cent in the six months to September, with contractions of 30 per cent or more for exports to the US, Canada and the UK. But Japan’s exports to China rose 3.5 per cent, driven by the strong performance of electric machinery, cars and metals. Chinese demand has provided a much-needed bright spot.