Yes, the five elements were once a part of TCM but after China became a communist state, this part of Chinese Medicine was extracted out, probably because it dealt more with the psycological, the emotional and the spiritual. So Modern TCM, which is what is practiced in China today, is a more clinical form based on good pattern differentiation, knowledge of channels, qi, blood etc.
But all was not lost..........the five element approach had been adopted in countries like, korea and vietnam, where it thrived. After WW2 British, European and American troops travelled these areas and for some the five elements became a fascination that was to last the rest of their lives. People such as Professor J R Worsley who founded the College of Traditional Acupuncture in Leamington, Dr Van Buren who founded ICOM and Father Claude Larre, founder of the Ricci institute in Paris.
So, ironically, what we have today is a situation where colleges in the West are teaching acupuncture in a way that has been all but lost to China and thereby keeping alive a very precious part of oriental medicine and one that is well suited to many western patients.
Modern TCM is also taught in UK colleges and is another vital part of oriental medicine, some colleges teach an integrated approach, where they bring together both systems, much in the way it must have been taught in the pre-communist era.
There is tremendous value in both systems and I expect they will both continue to thrive in the UK.
Best wishes, Tony