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China’s rampant economic growth has been a boon for exporters in Japan, South Korea and Taiwan, who have supplied high-end components and machines for its factories. The risk for them now is that China will switch from customer to competitor as it ascends the value chain.

Japanese shipments to China reached a record $130 billion (about ¥13.65 trillion) in 2017, leading an export-driven economic recovery that’s run for eight quarters straight. Korean sales to its neighbor have jumped 70 percent in a decade, while Taiwanese sales have climbed to an all-time high.

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