Global macroeconomic imbalance in one sentence

This from Martin Wolf (via Marginal Revolution) is the best description of the much anlayzed global macroeconomic imbalances that have pushed the world economy to the brink and threatens any sustainable global recovery

"But Germany can be Germany – an economy with fiscal discipline, feeble domestic demand and a huge export surplus – only because others are not."

Germany could be easily rephrased with China. Stripped off all jargon, it is inevitable that the balance sheet of the world economy has to square up!