rapid increase in the share of China in world trade. As the world is taking the full measure of this phenomenon, tensions … therefore provides an assessment of China’s naturalʺ place in the world economy based on a new set of trade integration … international trade well and confirm that China is already well integrated in world markets, particularly with North America …

with those of the rest of the world. We analyse the relative importance of US, country-specific, and global variables as …. Global and national risk indicators perform better in explaining "rest of the world" flows. Moreover, we find that the … correlation between US and rest of the world flows peaks in periods of elevated uncertainty. We interpret our findings as evidence …