An interesting article from the Wall Street Journal, also commented on Michael Wade's blog Execupundit, clearly points to China as the great winner of this economic crisis.

Ironically, the fact that the Chinese people cannot readily access credit saved them from the worst part of the downturn. For years the world thought that China's finance system was "immature". Now there is another explanation: the Chinese do not believe in credit - and therefore do not rely on credit - to the extent Western economies do.

As a result, it's not a global economic crisis (which implies that the whole world is losing). China emerges victorious. It's not just any economic crisis that will fade away and restore pre-crisis situation. It's a game-changing crisis.

As the Wall Street Journal highlights, the great looser is likely US.

There is more cash sloshing around the world than most people think. The problem for the U.S. and to some extent Europe is that this cash is now in unfamiliar places, some of which -- as John McCain reminded us on the campaign trail -- can be found in countries that "don't like us very much."