Both are accurate. China certainly "has risen" to become a global economic power: in only three decades, it has transformed itself into the world's second largest economy, largest exporter, and largest provider of loans to the developing world. At the same time, China is rising: its economic and political system, as well as its foreign policy, is still developing. To state categorically that China "has risen" is to accept that the China of today will be substantially the same as the China of five to ten years from now, and few people in or outside China would accept such a conclusion.

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