Last week’s trade numbers from China could not have been more dismal. After declining by 2.8 per cent year on year in December, China’s exports plummeted 17.5 per cent in January, placing huge pressure on the country’s manufacturing sector. Already unemployment in China is surging.

Chinese import numbers are even more dismaying. After dropping 21.3 per cent in December, imports fell a staggering 43.1 per cent in January.