The counterfeiting industry has been a problem in Yiwu due to the thriving market. As noted by Eamonn Fingleton, the author of "In the Jaws of the Dragon: America's Fate in the Coming Era of Chinese Dominance" in 2008, "As documented by the author Tim Phillips in 2005... he city of Yiwu ... functions as a sort of 'Wall Street' for the counterfeiting industry, providing a vast marketplace where, Phillips states, 100,000 counterfeit products are openly traded and 2,000 metric tons of fakes change hands daily."