From past several decades, China has been one of the fastest growing economies. One of the recent factors, which made a difference, was that Chinese products took over a large chunk of market share for many product lines. If you analyze the market shares of several electronic items like mobile phones you would find that the Chinese products are taking over small players and are challenging the big players in the market.
It is not only about electronics, they are capturing many other fields as well, one of which is toys. If you go to any market, be it the US (a developed country) or India (a developing one), users would have preferred to buy toys which would last forever, because they are of good quality, hence being charged hefty amount. But Chinese understood the market and brought cheap (low quality) toys, which would last for a few months. It brought a revolution in the market as people have started preferring these to the good quality toys – reason being children get bored in with the toys in a few months, parents don’t want them to last 10 years, but need them to be cheap and so that they can be thrown out after use. It is about the trade-off between good quality and low price. They took a risk going with low price, but succeeded, which is one the principles of economics: to face and work your way through trade-offs you need to make in order to achieve your objectives.
Dumping is also one of the reasons Chinese have been able to capture the market share. It is the difference between the export cost and the normal value of a product. Is it illegal, in some countries, but is condemned by the WTO. Because of the ‘analogue market’ concept: China doesn’t have market economy status and thus, when goods are exported to the US or UK, the normal value is calculated on the basis of these countries and not on China market. Thus, the difference is not high enough for it