Impact on China's Economy of the Economic Globalization

The world economy has improved rapidly as a result of globalization in past decades. However, many environmental problems began to emerge during the economic boom. Especially, in the middle of the 20th century after World War II, many countries restarted economic development and urban construction. At this time, severe air pollution influenced a number of regions. For instance, London was affected by a critical air pollution event, called the Great Smog of London, in December 1952. During a week, 4000 people had died as a direct result of smog and over 100000 were got ill by the human respiratory tract. Subsequently, from 1978 to now, China has seen a great amount of economic increase, with its gross domestic product (GDP) expanding hundreds time since the reform and opening up. Although China has obtained a huge progress with the globalization, it has resulted in a series of environmental problems at the same time. The aim of the essay is to discover how the globalization affected the environment on air pollution, soil pollution and biological invasion in China. And I intend to analyze the instances of the connection between air

Globalization is the process of the world becoming more connected. This process comes with major pros and some major cons. One country that suffers greatly from a negative consequence of globalization is China. China is currently suffering from air pollution. Air pollution has negative affects on both health and the environment. Although China is impacted negatively, the world impact overall, is positive.

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

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.

And with the process of reformation and opening and in-depth socialistic modernisation, China is becoming increasingly closer to the world’s whole economy. To be sure, globalization has three main positive effects on China. First of all, globalization contributes to attracting foreign investment for the opening to the whole world. For western countries, China’s development has provided a huge market for them. At present, China has become one of the world’s biggest investment countries via foreign trade, and basically it is a country with complete inflow of capital. Second, globalization helps with the expansion of external trade. With more than 20 years’ efforts, external trade has become an important increasing point of China’s domestic economy. Overholt (2005) commented that about a quarter of economic growth every year depends on the external trade with China. Third, globalization is helpful with absorbing rural surplus labour force (Dauderstadt M, 2005). So far, China is still a less-developed country with a large population. In the process of industrialisation, large rural population and surplus labour force are a serious problem to solve all the time. However, in recent years, the success of a great many township enterprises and the development of joint ventures have brought a chance to transfer rural labour force.

(Garrett, 398) These statistics indicate both that China is seen as an economically stable, profitable country and that China’s economic growth must be noticeably boosted by all that foreign investment. Increasing economic ties between China and other countries has resulted in a few other economic boons for the country. One of these benefits is the ‘hundreds of thousands’ of students that China exports to reap the economic rewards of having an increasing number of educated workers and possible technological innovations learned abroad. (Economy, 12) As appealing as these gains may be, China has had to balance the ups of globalization with the increasing risks brought on by interconnected trade and finance. As its productive capacity and investment opportunities increased, the country became increasingly dependant on exports and foreign run enterprises. In fact, “Nearly 40% of China's gross domestic product (GDP) is based on exports and more than 50% of those exports are generated by foreign companies operating in China.” (Garrett, 398) Garrett furthers that any reversal of China’s current state, either through decreased demand for Chinese exports or through Chinese crackdowns on foreign owned businesses, would devastate the national economy and destabilize the government. China has become dependant on foreign trade and continued investment in Chinese industries. It comes as no surprise that it has adjusted its governmental policies to be more appealing for investors

Globalisation is the process by which each individual country and economy is converging into a larger global economy. Globalisation has many impacts both positive and negative. In recent decades globalisation has had strong impacts in China and thus is predicted to be one of the 4 largest economies by 2050(BRIC). Trade investment is a strong factor in the Chinese economy as it relies on trade to support it. China will import primary goods, manufacture them, and then it will export the goods back overseas. They are able to do this more efficiently than other countries because they have extremely cheap labour. Exports increased from US$ 10.89 billion in 1978 to US$ 561.4 in 2004 this a 5000%+ increase in trade. This massive increase can be contributed to the exporting of manufacturing to China. However in the current GFC, both exports and imports are down 25% in February 2009 from the same time in 2008.

Globalization is an important term that is partially responsible for an economic revolution that took place around the world. Theodore Levitt, a former Harvard Business Review editor, coined the term “globalization” and used it for the first time in one of his articles in 1983 (Los Angeles Times magazine, 2006). According to the Business Dictionary, globalization can be defined as “the worldwide movement toward economic, financial, trade, and communications integration” (businessdictonary.com). China can be considered as an excellent example to demonstrate globalization. When Deng Xiaoping was elected as the Communist Party leader, he brought about economic reforms that opened the Chinese economy to the rest of the world and later introduced itself into the World Trade Organization (WTO) in 2001 (bbc.co.uk, 2006). Hence, expanding the growth rate of the Chinese economy, which has been constantly rising over the past decade. As of 2016, China is the second largest economy in the world with a GDP of $12.9 billion USD, and will continue to grow following the trail the United States (money.cnn.com, 2016). The emergence of China and its success as a powerful economy in the world can be partially credited to globalization. The following paper focuses on both the positive and negative ways in which China has been affected by globalization and its outcome that has placed China to where it is today.

China is the second largest economy in the world after the US. This is measured by both nominal GDP ($4.99 trillion), and by purchasing power ($8.77 trillion). The Peoples Republic of China, as it is officially called, is the world’s fastest growing major economy in the world with an average growth rate of 10% for the past 30 years. China is also the second largest trading nation in the world as well as being the largest exporter and second largest importer of goods.

In this case study, we will attempt to answer what measures China took in preparation for acceptance into the WTO and how it adjusted to its eventual admittance in December of 2001. We will also review some of the problems associated with China’s economic growth strategy.

Globalisation refers to the integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity . China is the world’s second largest economy and is the fastest growing economy over the past decades, hence known as an emerging economy, by sustaining an average rate of growth of around 10% GDP p.a (2014). Hence, with the transition from a purely planned to a “market driven” or free-market economy has also facilitated progress in development, trade and increases in per capita income paving the way for poverty reduction. The impacts of globalisation have enabled the Chinese government to adopt various strategies in response, and consequently have had significant impacts on the Chinese economy to promote _______ and _______.

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).

Globalisation of has played a significant role in fueling China’s economic success, being integrated with the global economy through international trade and foreign investment has resulted in high GDP growth and improvements in quality of life.

This essay will report the finding of China and their evolution through trade liberalization. We will also examine whether globalization has been beneficial to their economy versus smaller sectors. Lastly we will look at one of the three theories of international trade learned in class to help further understand how globalization is beneficial in the example of China. International economics is extremely important because many countries typically cannot produce everything they consume. China has been one of the major players in the international trade market. We will discuss their economy and how they interact with other highly develop countries to ultimately be more globalized. “Since 1978, China’s foreign trade soar from

Globalization is the name for the process of expanding the connectivity and interdependence of the world’s markets and businesses. It is also acknowledge as a technique of communication among the countries of the world in order to expand the worldwide economy. However, this process has speed up significantly in the last two decades as