1. Over the past two decades, China has embarked on a process of development that has taken it at .......... speed from a poor, largely rural economy to a global economic force.

2. The sheer size of its workforce and the speed of its transformation have posed enormous challenges for many countries around the world, but nowhere more than in its own ..........

3. The challenge is particularly important in Asia because from the point of view of smaller and in some cases more-developed Asian economies, it would be hard not to see China's low-cost labor force and enormous scope for .......... of scale as a fearsome competitive threat.

4. At the same time, China offers enormous opportunities as both a partner in production and a huge potential market of more than a billion consumers; other Asian economies may try to seek out markets in China, perhaps in .......... consumer goods likely to be of interest to the burgeoning middle class.

5. Or other Asian countries may try to ' ..........-back' on China's extraordinary success as a low-cost exporter by integrating production processes through trade fragmentation.

6. They will certainly try to avoid direct competition with China, and this could involve looking for .......... where China is less active and shifting export-oriented industries in those directions.

7. It is also .......... that the increased reliance on domestic demand in the less-developed countries does not appear to have been reflected in lower rates of GDP growth in these countries.

8. To the extent that countries are able to use China as a market, China may be becoming an independent .......... of growth for the region.

9. To the extent that China is taking market share from other countries, it is also acting somewhat like a .......... forcing countries out of some areas of production; however, in the long run the principle of comparative advantage should dominate, and all countries should benefit.

10. We examined both macroeconomic and microeconomic data to .......... some light on this issue.