Hi,
Thanks for such excellent article. I have one question though, as I am not clear on the same.
'Second, a lot of exports from Taiwan are sent to Chinese factories owned by Taiwanese companies to then be exported again. That means the share of GDP coming from investment in China might rise simply because exports fall. This is not a positive development.'

Can you please elaborate how the investment to GDP ratio rises, if export falls in the case of China?
Thank You once again for this amazing piece!