...slump"? Hello,
I read an article from Time Magazine and was confused about the meaning of the following words or phrases; "burden of history", "dynamo" and "defied the global slump", especially the word "defied".
Below is the first paragraph of the article, which is about things the U.S. can learn from China.

Five Things the U.S. Can Learn from China

On the evening of Nov. 15, President Barack Obama, the youthful leader of one of the world's youngest countries, begins his first visit to China, among the world's most ancient societies. Obama and his Chinese counterpart, Hu Jintao, have much to discuss. Nukes in Iran and North Korea. China's surging military spending. Trade imbalances. Climate change.
But the visit comes at an awkward moment for the U.S. China, despite its 5,000-year burden of history, has emerged as a dynamo of optimism, experimentation and growth. It has defied the global economic slump, and the sense that it's the world's ascendant power has never been stronger. The U.S., by contrast, seems suddenly older and frailer. America's national mood is still in a funk, its economy foundering, its red-vs.-blue politics as rancorous as ever. The U.S. may be one of the world's oldest capitalist countries and China one of the youngest, but you couldn't blame Obama if he leaned over to Hu at some point and asked, "What are you guys doing right?"