1. World growth is collapsing. This isn’t hyperbole, but a sobering fact. The International Monetary Fund can’t downgrade its global growth estimates fast enough as the credit crisis overwhelms economies as diverse as Ireland, Japan, the United Arab Emirates and the U.S.

Asian governments are increasing spending to soften the blow from falling asset prices, consumer spending and manufacturing. The European Central Bank is struggling to keep up with the region’s plunging economy.

The trillions of dollars of wealth being lost as markets plummet are depleting public coffers and damaging consumer psychology. It’s not a good environment for any government hoping for a revival in global demand.

2. China’s key customer is in hiding, indefinitely. Just when you thought conditions in the $14 trillion U.S. economy couldn’t get any worse, they “deteriorated further” in almost all corners of the country over the last two months, the Federal Reserve said in its regional business survey.

Wang Hanmin, a sales manager at Yixing Bochangyuan Garments Co. in Jiangsu province, spoke for many this week when he said exporters are facing a “life and death” crisis. Exporters are so worried that they are calling on the government to weaken the yuan after the biggest slump in overseas sales in more than a decade.

One thing is for sure: The U.S. consumer isn’t about to help China out of this dilemma.

3. A lack of tools. It’s important to remember that the 4 trillion yuan ($585 billion) spending plan unveiled in November was more spin than reality. Much of it wasn’t new, but a tally of existing spending efforts. They were never going to boost a $3.3 trillion economy anyway.

China’s almost $2 trillion of currency reserves would seem to give the nation considerable policy latitude. Yet China’s vast economy lacks the financial infrastructure to get the bang it needs from its stimulus in yuan. Would building more roads, bridges and dams do the trick?

“Eight percent GDP doesn’t really tell you anything about job creation,” says Stephen Green, Shanghai-based head of research for China at Standard Chartered Plc. “Many of these projects are not particularly job-intensive.”

The spending will help, but such projects didn’t propel growth as hoped over the last 30 years. Exports did.

4. All those U.S. Treasuries. Financing loads of new projects could prove dicey, even for cash-rich China. Any move to draw down $696 billion of U.S. government debt could leave China with major losses and prolong the U.S. recession.

That leaves domestic lending institutions. If China wants to avoid a Japan-like bad-loan crisis, or something far worse, it has to be careful about massive public-works projects with questionable economic benefits.

Of course, there’s the “official” gross-domestic-product figure, and then there’s the real situation in the most populous nation. The double-digit drops in exports among China’s biggest trading partners in Asia show how bad things are getting. Offsetting those trends won’t be easy and it won’t be cheap.

5. Rebalancing takes time. Just as the U.S. needs to become a nation of savers, China needs more consumers. That’s a destabilizing, decade-long process that requires the creation of national safety nets and more education and health-care spending.

Making that transition would be a big enough challenge with a healthy world economy. Doing it while Group of Seven members are in recession and developing Asia is slowing rapidly will prove extraordinarily difficult.

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