Observe how when China “needed” fiscal and monetary stimulus in 2008/09, it had plenty of room; now the opposite is true. One clear sidebar to the current Sino-US trade war is the countries' under-acknowledged co-dependence. Both the US and China how run deficits, meaning that the need for foreign direct investment as a funding tool for said deficits is growing. China has grown up, but now needs more interaction and opening up of capital accounts to share the burden of refinancing and rolling over its debt.
This in turn means that Europe and – more importantly – Japan need to fund this gap. Japan’s $2.4 trillion in overseas investments, however, is now under some pressure to move home, but Japanese investors are now getting a better deal staying home as FX hedging costs eat the of excess yield.