This is from Scott Sumner:
I’d like to point out that there are many commonalities between China and 5 other East Asian economies; Japan, Taiwan, HK, Singapore and South Korea. One of those similarities is that they all have huge stocks of foreign reserves. In per capita terms China’s CA surplus is by far the smallest of any of the six East Asian powerhouse exporters. The most recent data I could find in The Economist shows China’s CA surplus as $284.4 billion whereas the other five economies combine for a $286.7 billion surplus. So if Krugman is right, those five economies actually are doing more damage to the world economy than China, which has 7 times the population and a modestly larger (PPP) GDP than other other five economies.
The entire post is worth reading. By the way, Matt Yglesias also offers comment.