Impact Of Globalization On The World Economy

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Impacts upon the world economy of the rise of the importance of China.
Essay written by P12221243
Essay written to David Cantliff

China takes a huge role in the global economy. If you will pay attention on any goods around, it can be noticed that the majority of products produced in China. The economic system in this country is enormous. In the 21st century, no country has attracted as much attention to itself as China. In an amazingly short period of time, China increased economical level of the country and developed itself rapidly, however for most modern advanced countries this process took centuries. Every year China increased its impact on the world economy and politics and still doing so. If earlier this influence was only related to the growing share of China in world trade, GDP and manufacturing, in the second decade of the 21st century Beijing started to effectively use the process of globalization for its economic recovery. China began to pursue a policy of restructuring the global rules in accordance with Chinese interests. Due to this, China has influenced some significant impacts on other countries and world economy.

Since the late 1970s, China 's economic has been transformed from a closed, centrally planned economy system to a more market related system, which already in 2010 was one of the largest in the world. After that, China became the largest exporter country in the world. According to the Xiaodong Zhu (Journal of Economic
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