While China is currently nursing a king-sized hangover from the credit crunch and the western economies' lurch into recession, the longer-term prospects for China are very much intact.
So argue economists at PricewaterhouseCoopers who have calculated that the emerging economies will see a sharp slowdown in growth this year but could still surpass the advanced economies in terms of their share of GDP by as early as 2014.
PwC projects that by 2014 the share of emerging economies could rise to just over half (50.5%) of world GDP in purchasing power parity (PPP) terms, up from 43.7% in 2007.
China's share will grow from 10.8% to 14.7% by 2014, overtaking the euro area to become the world's second largest economy. The PwC figures are based on analysis of IMF data on current world GDP shares combined with the firm's latest medium-term growth projections.
Alec Jones, head of emerging markets at PricewaterhouseCoopers, commented:
The analysis provides an interesting insight into how the opportunities for investors from the UK and other advanced economies are likely to change as the emerging economies grow their consumer markets. Instead of being viewed predominantly as low cost manufacturing and offshoring centres by businesses in the advanced economies, the projections indicate they are fast becoming destination markets in their own right.
EngagingChina couldn't have put it better if we tried.