Impact on China's Economy of the Economic Globalization

Topics: Economics, Investment, Macroeconomics Pages: 5 (1869 words) Published: May 17, 2011
Impact on China's economy of the economic globalization

Abstract: As everyone know that no country can avoid to participate the globalization. China has always been trying to follow the trend of globalization, to be part of it, and actively join in it since its opening to the world in 1978. After 23 years in 2001, of hard efforts have been made by lots of people and tremendous negotiations have been undergone for such a long time, China finally got access to the WTO, which marks the most important step of China towards deepening the integration of the Chinese economy into the world economy and therefore going more deeply into the globalization. We should admit that the opportunities and challenges were brought to China by globalization during these years. Key words: economic globalization, negative and positive phenomenon

Globalization is the objective trend of economic development in the world today, featured by free flow and optimized allocation of capital, technology, information and service in the global context. It is the inevitable result of the development of productive forces and advances of science and technology, especially the revolution of information technology since the 1980s and 1990s. Economic globalization refers to increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of lots of aspects. It is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market. Depending on the paradigm, globalization can be viewed as either a positive or a negative phenomenon. Since economic reform began in 1978, and average growth rate of almost 10% a year has seen China’s GNP nearly quadruple.The rewards for the people of China are clear, most visibly in the dynamism and prosperity of Peking and the coastal cities.


For the international community the most striking consequence of these changes is that China has grown to the world’s eleventh largest economy, and is set to grow further. Since 2001, especially after the 9.11 incident have emerged worldwide deflation, the United States, Japan, Europe and other developed countries, economic stagnation or even decline, the employment pressure, while China has maintained a good momentum of growth. The developed countries to protect their own markets, and increased the intensity of discrimination against foreign products, the new trade protectionism, using a more subtle approach, such as environmental protection measures, technical certification and safety standards, anti-dumping, protect intellectual property rights. As the initiator of the developed countries will be directed mainly targeting developing countries, developed countries to China in recent years brought a number of cases involving dumping, environmental protection, technical standards for the export trade litigation, which is we have to cope with. Development of economic globalization today, a large number of labor-intensive exports of developing countries to embark on development strategies, leading to a general manufacturing capacity is too large and fierce competition, this development strategy reached a difficult stage. Such as India in recent years on concern formed a threat to China's export trade, and many foreign investments from China into India, developing countries are to challenge us. Meanwhile the world market makes people feel happy and worry .The past two years due to China's stability and strong economic growth, coupled with the positive impact of accession to WTO and the global effects of the transfer of production effect, become the world's attention first choice for foreign investment. Economic globalization has fueled the rapid development of China's manufacturing industry, China's advantage of cheap labor to attract the developed and emerging market economies of the cross-border investment, China to replace the...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • The Impact of Globalization in Philippine Economy Essay
  • China’s Economic Growth and Development Essay
  • Globalization Economics Essay
  • Essay on Impact of Globalization on Pakistan Economy
  • The Economic Impact of Globalization on Turkey Essay
  • Globalization and Its Impact on the Indian Economy Essay
  • Impacts of Globalization on an Economy Essay
  • Globalization and Its Impact on Bangladesh Economy Essay

Become a StudyMode Member

Sign Up - It's Free