The Chinese phishing industry is enjoying such a boom that they are even confident enough to occasionally step offshore to register domains used to attack Chinese Internet users.
One can look at these figures in two ways. Phishing is rising thanks to Chinese registrations, which is bad, or China has a major phishing problem that could be stamped on with better domain policing and some checks. The pool of registrars being used to set up these domains is small and it wouldn't take much to put a major dent in the problem.
This isn't to suggest that phishing is on the way out but that it might be changing. In countries such as the US, a much bigger problem these days are small-scale targeted attacks, which are not measured by the APWG because they are aimed at individual enterprises and can't be detected through domain registrations.