Drawing on the experience of the export-oriented economic development of Japan and the "Four Asian Tigers," Mainland China has adopted, since the beginning of 1980s, a parallel strategy of both import substitution and export promotion, and has given priority to labor-intensive industries following the principle of comparative advantage. Thanks to planned industrial policies and different waves of globalization, Mainland China has become the most important production base in the world. China has since unveiled its ambition to become a "manufacturing superpower." The Chinese government's ambition to extend its economic territory provoked different reactions in the international community. The severe economic sanctions that the U.S. has imposed recently against China indicate that the U.S. can no longer tolerate the threats from the rise of China's economy. Mainland China has become today a net capital outflow nation. As a competitor in the global market, China will have growing impact on the international trade in the future.