cut-outs, promos, japan and china, etc ???

what do all of these references mean? what is a cut-out or promo? What are the Japan and China pressings or recordings? is there a sound quality difference? are these to be avoided? Any explanation is appreciated. Thanks.
Hi, brief explanation of the above terms.

"Cut-out" when record or CD is discontinued, record companies will sell remaining stock to dealers for resale at much lover price, to distinguish the discontinued product they will cut off 1 to 2 inches at a 45 degree from the LP cover. Sometimes they also will drill a hole or straight saw cut the cover. The sound quality is the same but with the damage to the cover it's less desirable to a collector.

"Promo" - Record companies send sample records to Radio stations, DJ's, Distributors for evaluation, the LP covers are stamped "For Demonstration Only" not for resale, some record companies also printed the record label in white, for example Columbia is usually orange label, with a promo this label was white, this would be referred to as "White Label Promo" or "WLP". Sonically the promo records are the same as the standard commercial record for sale at the store. Since smaller number of "Promo" records exist, many people collect them. Most will sell for more than the standard LP.

"Japanese" - Records that are manufactured in Japan, these are a better grade of vinyl usually 100% virgin Vinyl, because of the vinyl quality they have less noise, pops and other imperfections than standard US pressing. They sound much better than standard US record.

"Chinese" - Most CD's, DVD's, LP's from china are Bootlegs. In most instances they don't sound as good and with DVD's title there are problems with compatibility some, some will not play on my DVD player.
Maybe this is a myth but I heard that white labels/promos are the first pressed, making the white label a flag for one of highest quality copies.