Crash in global commodity prices brings big benefits to China
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Beijing
THE pain from the rout in global commodity prices is sweeping through nations from Brazil to South Africa. The biggest beneficiary? Arguably it's China, the nation often blamed for driving prices lower due to its slowing economic growth.
China's annual savings from the commodities rout amount to US$460 billion, according to calculations by Kenneth Courtis, former Asia vice-chairman at Goldman Sachs Group. About US$320 billion of that is from cheaper oil, with the rest from other energy, metals, coal and agricultural commodities.
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