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Impact of Globalization on the Chinese Economy
Summary: Globalization is the progressive integration of national economies through the breaking down of global trade barriers. In many ways, China represents an ideal model of an economy that has been impacted and has taken full advantage of the opportunities offered by globalization. In little over a quarter of a decade, this large country has emerged from the brink of economic obscurity to lead the world in terms of economic growth. The "Asian Gorilla" has achieved this remarkable turnaround by implementing responsible government policy, joining the World Trade Organization, attracting foreign direct investment, and developing vast export-oriented industries.
Globalization is the progressive integration of national economies through the breaking down of global trade barriers. In many ways, China represents an ideal model of an economy that has been impacted and has taken full advantage of the opportunities offered by globalization. In little over a quarter of a decade, this large country has emerged from the brink of economic obscurity to lead the world in terms of economic growth. The "Asian Gorilla" has achieved this remarkable turnaround by implementing responsible government policy, joining the World Trade Organisation, attracting foreign direct investment, and developing vast export-oriented industries.
In the early 1980's, China's economy was very weak due to its inward looking government system of a socialist planned economy under the Mao government. Living standards were below world averages, and economic growth was next to nothing, however, there were also no inflation due to no extent in growth and...
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This section contains 1,347 words (approx. 5 pages at 300 words per page) |
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