The article discusses how China's economic growth was affected by the global financial crisis. It looks at whether China's old growth model, based on high saving and low consumption, is still effective. The study examines China's response to the crisis and the potential for changing its growth model to focus more on consumption. Successful rebalancing in China would mean faster growth in consumption, reducing the need for China to finance the US external deficit. This shift could help prevent global economic imbalances that contributed to the financial crisis.