Uncle Sam was proud that the American consumptions led the global market to a much faster recovery. In other words, the single engine propelled the whole world to another take-off.
China's cheap labour provided another global force to lift the world up. Global manufacturers were attracted to outsource non-core operations to China to take advantage of its exceedingly low cost. Outsourcing by industrialised nations turned China into a "global factory".
With U.S. and China acting as global players in consumption and manufacturing respectively, together they put the world on the recovery track after the IT bubble burst.
As the global economy heated up, the fearful inflationary pressure also started to build up. With China fast rising up to become a world player, inflation caught up fast to be a global agenda - a concern that all central bankers had to take on.
China's massive demand and insatiable appetite for commodities ( for example, oil ) jacked up prices globally - and crazily!