Pros And Disadvantages Of Globalization In China

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According to Oxford Dictionary, Globalization refers to the process by which businesses or other organizations develop international influence or start operating on an international scale. China, with the implementation of economic reforms in 1978, has had a growing number of interactions with other countries in different capacities, ranging from economic and political to environmental and cultural. With the expansion of globalization, whether it has brought China more good than harm is widely debated. Deaton (2016) claims that globalization has done more good than bad. China certainly receives more advantages than disadvantages through globalization by increasing quality of life, economic growth, the advent of cultural diversity and the alleviating measures launched.…show more content…
Thanks to the economic globalization, many multinational companies set up their branches in China, resulting in an increasing number of job opportunities. Zhang (2010) states that 45 million jobs are created by foreign-funded enterprises. The greater the number of job opportunities, the higher the household income. Furthermore, the higher income leads to greater purchasing power, so better lives can be bought through direct satisfaction of material desire. Moreover, under globalization, there is a free flow of goods between different nations. For example, the multinational supermarket Walmart set up branches in China, and thus a lot of foreign products are provided (CNBC, 2013). Most of the foreign goods are either of high-quality, low-priced or even both. Since more choices of high-quality and low-cost necessities could be offered owing to globalization, goods could be selected that would best suit one’s appetite. This in turn brings about the increase in the quality of life. Under this line of thinking, globalization does benefit China in terms of social
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