This paper analyzes spillovers from macroeconomic shocks in systemic economies (China, the Euro Area, and the United … developments in China than to shocks in the Euro Area or the United States, in line with the direction of evolving trade patterns …. Shock to U.S. GDP -- B. Shock to Euro Area GDP -- C. Shock to Chinese GDP -- V. Outward Spillovers -- VI. Concluding Remarks …