@They should have sniffed harder...

Perhaps not a fair comment. Chinese business has only really been outward looking beyond simple supply for a few years so. Maybe they'll learn for this (in fact, I think they will). On the flip side, some of the more cynical among us expected a credit crunch and global recession (though few if none foresaw a near total collapse of the global banking system and the end of the financial world as we know it - certainly gave me a fright).