China 's Effect On The Global Economy

Globalization is a process that refers to the increased integration between different countries and economies as well as the increased impact of international influences on all aspects of life and economic activity. Over the last 50 years, globalization has had a tremendous impact on the Chinese economy. The impacts brought forth by globalization can be both positive and negative and effect both economic performance, economic growth and the development of China’s economy. Globalization is the main factor responsible for China’s significant growth that has taken place over the last two decades. However, globalization itself is not entirely responsible. The Chinese economy has also implemented strategies which have been very effective in promoting economic growth and development. These strategies include the implantation of“Open door policy”, “Reformation” of China’s agricultural system and joining the World Trade Organisation.

Without a doubt, China has been one of the leading countries in terms of economic developments in recent decades; however, the downside of the rapid economic achievements has risen to surface, calling Chinese Government to action.

. In the contemporary scheme of things China makes up for roughly 11% of the world’s exports, an amazing feat for a country that practiced an isolation policy and communism only forty years prior. Additionally, China with a large-scale allocation of funds to improve poverty ratings has successfully brought four hundred million people out of poverty, into a lower-middle class. Now, while still competing with Japan for Asian hegemony, China enjoys a great deal more security and prosperity through its transformation from a failing communist state to a wealthy hyper-capitalist state. Through capitalistic economic reforms, an export led economy, and efficient one-party, authoritarian politics China has been able to bounce back from three decades

America has always produced goods in foreign countries, the price for manufacturing is way cheaper, than if we were to do it here. One of the main places we produce manufactured goods in China. Unlike America, China has a higher population, no laws regarding labor, or pollution. The population of China is a lot higher than the U.S, making poverty a bigger issue, so in order to support their families having a job is important. Kids as young as 14 go to school specifically for their jobs, and work all day to eventually move in the ranks and make their family proud.

By 2013 china had accounted for 15.4% of GWP and 10.5% of exports of goods and services around the world. The expansion of china’s exports and imports from 2005 to 2012 is phenomenal. In 2005 exports were valued at $762 billion and in 2012, it was rated at 2,048.8 Billion. Imports during this time increased from $660 billion in 2005 to 1,818 billion in 2012. However in 2009 china took a small hit as the GFC effected the world economy and the export value from 2008 to 2009 dropped from $US1,430 billion to $US 1,201 Billion. In 2014 the biggest exports from china were electronic equipment, machinery, clothing and accessories and furniture, thus showing the major use of the manufacturing sector in china.

The article chosen is an informative demonstration of how China has emerged as a leading economic power. In just a few short years China has managed to position itself as a manufacturing leader in many of the industries that are most heavily needed by the other nations throughout the world. How China has done this is a remarkable story and provides a compelling reason for choosing an article about their success as a topic for this paper. The article not only highlights China's success but also provides insight into how China is becoming a partner in the world economy much like the United States did in the 50s and 60s and how readily the rest of the world is accepting China's participation.

The author highlights in this article the issue of China's trade imbalance. According to author, the trade imbalance of China is now vanishing, which he has proved by evidences. The initial paragraphs of the article explain how some policy makers and economists of America blames China and holds it responsible for its Trade Deficit (Trade and Forfaiting Review, 2012). Indeed Americans want to Punish China for hooking the exchange rate to the dollar in 2005, in order to subsidize exports, which resulted in big trade surplus that cost the jobs of America (Wolverson and Alessi, 2011). America has many plans to

China is considered the second largest economy in the world. During the past two years, this country has faced a number of both positive and

China has proved itself as a more than capable producer on the world stage. They received most favored nation status and admission into the WTO based on their prowess and an economic super power. Now, China continues to build off of their productive capabilities as the economy

In today’s global market, China is one, if not the world’s most important player. When China’s economy is doing well, the majority of the world’s economies tend to do the same. When China’s economy is slow, the rest of the world usually follows.

In the 21st century, the competition between diverse countries is increasing extremely intense. With the rise of the third world, as the biggest part of it, China’s influence in economy has become a controversial issue due to the prosperity of economy. To be more specific, China became the second-largest economy in 2011(McCurry,J and Kollewe J,2011).And in recent years, according the data in the bar chart below, China GDP’s is growing rapidly and the growth rate is staying between 7% and 8% before 2015. At the same time, because of the development of economic globalization, the relationship between different countries is getting closer and closer, especially in the world trade. Therefore, although China has already slowed down the step to

Throughout the past decade, China has become a ‘Manufacturing Powerhouse’ (Eloot, 2013), low salaries plus a strong supply base, makes an equation for ideal platform for exports, which china defiantly benefited from. In 2011 China became the worlds largest producer of manufactured goods and still remains to be, ‘Factory Asia now makes almost half the world’s goods’ (The Economist, 2015). This has had a positive domino effect upon the wider economy in China, living standards have doubled and the countries GDP per captia has doubled in the last 10 years ‘an achievement that took the UK 150 years to do’ (Eloot, 2013) This

This paper sheds light on the impact of globalisation on China and the factors, which affect the process of globalisation in the developing country like China. China is a developing country; its service sector is generally small scale and weak in strength compared with other sectors in the country and its counterparts in the other nations. The business is pre-ruled by traditional services and presently can't seem to be expanded sector-wise. When the markets open up, they will feel the pressure from different nations, which have pre-emptive advantages in business thoughts, quality and scale. In any case, the open entryway change during recent years saw the effective change from a conventional arranged economy to a market economy and from withdrawal to openness. The effect of such a change has gone past desire and been overpowering. What's more, it is likewise genuine that no single nation can avoid globalisation. Support is the best way to distinguish and get a handle on the open doors. Interest is additionally the best way to stay up to date with the standard of the world economy.

Based upon Chinese trade history, one can extrapolate the China was averse to trade for a long period due to past experiences of exploitation, but once it rediscovered the benefits of trade, it decided to leverage its population base, geographic size, and resources to dominate trade. Furthermore, China joined numerous international economic organizations including the World Bank, IMF, the GATT, the Multi-Fiber Agreement, etc. in the mid-1980s. By becoming more open to trade, China was more open to foreign capital, allocating it the funds to grow as a trading entity. Thus, due to lack of choice and by overcoming an aversion to foreigners, caused in no small part to a horrible history of opium addiction and massacres, China was able to become a massive trading country.

The last 20 years of china economy has been dramatic. World exports from China are growing dramatically to industrial country markets . This process could continue for some time because of huge youth population. However, by some indicators, China 's experience is less dramatic than that of Japan and Korea during their period of industrialization and integration with the global economy.