China
This is written from a British POV, and is fuzzy (at best) on sources and numbers, but still has a few general points applicable to the U.S. and other nations.
Just one example of fuzziness:
China is spending 35 times as much on crude oil as it did eight years ago, and 23 times as much on copper.
Keep in mind that prices have risen drastically, too. Actual Chinese oil consumption has approximately doubled in the past eight years.