In a small bowl, mix breading and Chinese 5 Spice. Add catfish strips a few at a time, tossing gently to coat with breading; shake off any excess.
In a large skillet, heat oil to 350° F. Add catfish strips slowly, and cook until golden brown, turning once (about 4 minutes).
Remove strips from oil, and drain on paper towels. Place on a serving dish with Thai Peanut Dipping Sauce.
Thai Peanut Dipping Sauce:
In a small saucepan, whisk together all ingredients over medium heat; bring to a simmer.
Reduce heat to low; cook 5 minutes. Remove from heat, and let cool to room temperature before serving.
Serves 2