In 2008, the global financial crisis broke out; the American economy and the Western economy suffered a major blow. However, a large economic system in the East appeared unexpectedly. China is now in a position to challenge the United States' decades-long economic dominance. Launched in the mid-1990s, China's manufacturing industry has grown rapidly, to the point where billions of exports have been made, and China has been awarded the title of "factory of the world" (BBC). By the end of 2010, China, with a GDP of $5.8 trillion, surpassed Japan's GDP of $5.48 trillion, and became the world's second largest economy (BBC). China also overtook Japan and became the largest holder of U.S. foreign securities. Since then, China has been considered the United States' greatest economic adversary. Some economists even say that in 10 years, China will be the same size as the American economy. Regardless of whether or not China will reach the size of the American economy in 10 years, forty years after the opening of trade between the United States and China in 1972, the American economy is gradually dependent on the Chinese economy. and will collapse without the strength of the Chinese market. In 1972, President Nixon visited China and declared open trade between America and China, a country isolated from the West since 1949. Although most people remember President Nixon with his Watergate scandal, he also opened a new era of trade with the People's Republic. from China. Nixon was actually known as an anti-communist, and his presidency took place during the Cold War, a time of political and military tensions between the United States and the Soviet Union. In 1949, Chairman Mao Zedong founded the People's Republic of China. Known as a communist, Mao was Stalin's greatest supporter at this time. The Chinese Alliance...... middle of article...... Susan V. "US-China Relations: An Overview of Policy Issues." Federation of American Scientists. Federation of American Scientists, nd Web. January 20, 2014. Morrison, Wayne M. “China's Economic Rise: History, Trends, Challenges, and Implications for the United States.” Federation of American Scientists. Federation of American Scientists, nd Web. January 20, 2014. Morrison, Wayne M. and Marc Labonte. “Chinese holdings of American securities: implications for the American economy.” Federation of American Scientists. Federation of American Scientists, nd Web. January 13, 2014. PBS. "General article: Foreign affairs." Public service broadcasting. PBS and Web. January 15, 2014. Rawski, Thomas G. “The Rise of the Chinese Economy.” Foreign Policy Research Institute. FPRI, nd Web. January 26, 2014. World Economic Outlook Database. Np: IMF, and International Monetary Fund. Internet. February 2. 2014.