China Phenomena

China has been, is, and will be challenging the rest of the world to diplomatic, military and other races, not to speak of economic competition. Multiple impacts of Chinese expansion seem to be posing a new problem, which might erode the fundamental premises of the traditional theories of economic development and social transformation. Needless to say, it is not only China itself but also its trading partners that are subject to compound influences of China's export-oriented development strategy and its surprising performance after the Cultural Revolution. Among the most seriously affected are Japan, North and South Korea, Taiwan, and the United States in alphabetical order. In 2005, China eventually came to take the top seat of Japan's trade partners, replacing the position enjoyed by the United States over the long term of years. Chugoku Gensho (China Phenomena) is a Japanese phrase, coined to express the strong exporting and absorptive power of the Chinese economy.