It is almost impossible these days to discuss the global economy without talking about China, whether the issue is textile exports or foreign exchange markets. Given the country's fast-growing share of world output and international trade, this China obsession is entirely natural.

News this week from other parts of the continent, however, underlines the risks of looking only at China. Rising economic growth, privatisation plans and an eagerness for foreign capital are prompting investors to turn their gaze to western and southern Asia. On Monday, Indonesia, south-east Asia's largest economy, disclosed higher than expected growth of over 6 per cent in the first quarter, with inward investment approvals doubling to $5bn (£2.7bn) in the first four months.