Globalisation On Chin The Influence Of Globalization In China

1426 Words6 Pages
Introduction: Globalisation is the increasing level of integration between countries facilitated through the liberalisation of trade. The term globalisation is also used to outline the shift from the confines of national boundaries to encompass the world as a whole. Economic growth is change in gross domestic products (GDP) produced by an economy over a period of time. While economic development is a measure of welfare in a nation and the process of structural changes. Indicators that highlights the changes in economic development includes; education, health, standard of living and extent of poverty. The influence of globalisation on China is seen in its change in trade of goods and services, financial globalisation and improvement in technology, transport and communications. China has taken this opportunity to increase their economic growth and development through various strategies. Evident in their “Open Door” policy, the membership of the World Trade Organisation (WTO) and the revaluation of the renminbi (RMB). “Open Door” Policy: The “Open Door Policy” created in 1978, implemented by Deng Xiaoping embraced the benefits of globalisation in the aspect of improvement in technology, transport and communication. This opened doors for foreign businesses and fulfilled China’s need for Western technology and investment, with the purpose of encouraging foreign participation in China’s economic development. The policy established four Special Economic Zones (SEZs) in Southern

More about Globalisation On Chin The Influence Of Globalization In China

Open Document