What Happens To China If World Trade Falls?

Imagine a country that had once been very poor, yet after a period of turmoil had introduced a series of robust, liberal reforms under a far-sighted leadership. Then that country had experienced decades of spectacular, export-oriented growth, based in part on abundant cheap labor, and became rich. Of all the countries in the world that this might describe today, China would be at the top of that list, but in fact I am describing Argentina at the beginning of the 20th Century, and their story had further to go.