Discuss the Effects of Globalisation on Economic Growth and the Quality of Life in the Chinese Economy

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Discuss the effects of globalisation on economic growth and the quality of life in the Chinese economy. Globalisation is the progression towards a growing assimilation between different countries in order to gain a single world market. It strongly encourages overseas trade, the removal or the reduction of trade barriers to increase economic growth and development. Globalisation ultimately presents to everyone a world which is increasingly liberalized and market-orientated. Associated with globalisation there is increased and intensified competition and greater interdependence among countries. In numerous ways China has taken this opportunity and used it to its full advantage which has enhanced economic growth and significantly improved…show more content…
This has led to a decrease in agricultural produce and an astonishing increase in industrial goods and services and alleviated a substantial amount of China’s absolute poverty. The Chinese government has embraced a series of strategic policies to address the challenge of economic globalization. These strategies started in 1978 after Chairman Mao’s self-sufficient economy plan. China began employing several reform strategies to enhance growth. This included stimulating the agricultural sector to allow them to sell a percentage on the free trade market yet hold a competitive position. In addition to this citizens were given money incentives and tax breaks in order to start new businesses and allocated regions were created to encourage high levels of investment, increase exports and increase technology levels. Other reform strategies included Deng Xiaoping’s the rearrangement of the economic structure by increasing the development of the high technology sector and moving away from the agricultural sector; transformation of the pattern of economic growth by increasing power in IT education and sustainable development as well as additional progress of the outward-oriented economy by implementing “come in” and “go out” strategies. This is where the government encourages its enterprises to invest overseas. This has been demonstrated in Australia where Chinese investors have bought farming land

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