Titan 404. You are quite correct that China is an export driven economy. What you are forgetting is that it is also a Communist Country and State driven. When outside demand drops they ramp up their own stimulus (it was massive). Growth around of around 8% down from 12% is still pretty impressive. I saw fortunate enough to work there for 14 months, pre GFC, and witness some of the infrastructure work taking place . Mate it is unreal.
So in answer to Hat's original question; yes the GFC is winding back, we will start to see improvment and it will be driven by China's growth. India? Well I think they will be a big player but the conventional government and dis- organised nature of the place I feel will be an anchor to it's growth.
Bloody Crows. What a game tho'.