Observers "completely underestimate" China's plunging exports

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A link from Business Insider

FedEx CEO Fred Smith, who keeps a weather eye on China because of the transport business his company does there, says people aren’t grasping the extent of the slowdown there in an earnings call Tuesday: “The locomotive that has driven China’s growth is its export industries. And with the situation in Europe and, to a lesser degree, in North America, that is a significant issue for the Chinese economy…and as the big economies in Europe and the U.S. have grown or contracted — grown at a far lesser rate or, in the case of certain European countries, have contracted, that’s reflected in the numbers in China. And you can’t escape that. I’ve been somewhat amused watching some of the China observers, I think, completely underestimate the effects of the slower exports on the overall China economy.”