The statement that China has rapidly emerged as a large and influential force in

the global economy will be universally regarded as a hoary cliché. From being a

completely peripheral economy three decades ago, it has emerged to be the

second largest economy in the world by mid-2010. In 2009, China was the largest

trader and largest energy consumer in the world.1 Although in 2010 the US

continued to hold the top spot in manufacturing output, it was poised to relinquish

this distinguished status to China in 2011 (Marsh, 2010). This will end a 110-year

run of the US being number one nation in factory production.2 China has

been the largest creditor economy for some time, and its credit rating agency,

Dagong Global Credit Rating, employs fairly different norms from those utilized

by Standard and Poor’s, or Moody’s and Fitch, in assessing the creditworthiness

of sovereign countries. In 2009, China had the fifth greatest number of patents

applications filed. China filed 7,946 applications compared to 761 by India.