How the Made in China era started with rural-to-urban migration:
"The rise of China's export sector was enabled by a series of policy changes in the mid-1990s that precipitated an expanding stream of low-wage rural migrant laborers."
Why China's rise is similar to that of the earlier Asian Tigers:
"Asia's exporters [like Japan, S. Korea, Taiwan] devoted most of their reserves to the purchase of US Treasury bonds, turning themselves into the largest creditors of the United States...
Asia's massive investment in low-yield US Treasury bonds was tantamount to a tribute payment through which Asia's savings were transformed into Americans' consumption power, prolonging US prosperity but creating a financial bubble in the 1980s and beyond. China's export-oriented boom is a continuation and escalation of this market and financial dependence on the United States... In 2008, China surpassed the US as the biggest foreign holder of [US Treasury] bonds."
Hung also has an interesting history of how the US dollar took over global dominance from the British Sterling, and how rivals such as the Euro have tried to compete with the dollar, unsuccessfully.
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