If anything this phrase caused me a furrowing of the brow "the Gildemeisters and their ilk".
Ridicule -> Dismissal -> Contempt -> Acceptance -> Reverence
Japan, South Korea, Taiwan, Singapore, Thailand, China, all fall on different points on that progression, Japan being the most far along of course.
JP is well into 'reverence', SK and Taiwan are firmly at the 'acceptance' phase, China is still somewhere between 'dismissal' and 'contempt'. Expect it to be solidly in 'contempt' by 2015-2020.
Whether or not they can shed the "sure they're smart but not creative" label depends on how amenable their popular culture and cuisine is to American tastes. Patents filed, product innovations, or pure research conducted is not taken into consideration.