China's the #3 economy.

The Economist reports that China is now the world's #3 economy. It slipped by Germany in 2008.

Exports are down and imports down big time thanks to 1) lower commodity prices and the drop in materials sucking exports. China’s "imports fell .... by 21% in the 12 months to December (compared with over 30% growth in the first half.)" South Korea and Taiwan fell by 17% and 42% respectively in the same 12 months.

None of this is good for Australia, that mother lode of Asian commodities.