Introduction

With the rise of China, people around the world are wondering whether this rising power would change the existing international order, including the legal order. Economically, China is now one of the most significant trading countries, and its economy threatens to overtake the largest economy in the world (that of the US) in the not too distant future. Most importantly, its consistent two-digit growth rate in the last three decades has also made the Chinese economy the fastest-growing economy in the world. Since its accession to the World Trade Organization (WTO), its GDP has grown more than 10 per cent annually. China has also been one of the largest recipients of foreign direct investment (FDI) inflow for many years, and is certainly going to stay that way for many years to come. Demographically, China is the largest country in the world with a total population of over 1.3 billion. Politically, China is one of the five permanent members of the United Nations Security Council. It is common perception that the trend of China's ascendancy will continue well into the foreseeable future. The world political landscape will inevitably change in response to the rise of China, and so will the global order. Not surprisingly, it has been predicted that: ‘Asia will alter the rules of the globalizing process’ and ‘Asian giants may use the power of their markets to set industry standards, rather than adopting those promoted by Western nations or international standards bodies’ (National Intelligence Council 2004, 28).