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China is the last bulwark against a deep crisis in emerging economies going fully global, analysts say, although a prolonged trade war could sap Beijing's defences.But China, the world's second-biggest economy and itself categorized as an emerging market, doesn't share a key downside of the worst-hit countries: their rampant current account deficits.Strong reserves China itself still boasts a strong foreign reserve position and has taken steps to cut debt, both useful shields against global turmoil.Trade 'shock' Christine Lagarde, managing director of the International Monetary Fund, warned recently that higher U.S.-China tariffs would have a "measurable impact on growth in China" and "trigger vulnerabilities" among its Asian neighbors.
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