China's economy is protected by its current-account surplus and vast reserves, but its banking system would be hurt by an abrupt withdrawal.

ECONOMIST: Capital inflows to China

This government took a country with excellent fiscal finances, a surplus in fiscal accounts, and a banking system that was in excellent health.

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The mood only began to change once the crisis hit Spain, a country that had previously had a budget surplus, low debt and an admired banking regulator.

ECONOMIST: Charlemagne