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China & Globalization Essay

534 words - 2 pages

Globalization is defined as a process of growing interdependence between all people of this planet. Trade, investments and governance link people together economically and socially. These links are spurred by market liberalization and information, communication and transportation technologies. In fact, a world economy has existed since the 16th century, based on the development of international trade, foreign direct investment and migration.China and Globalization:China being the 6th largest economy in the world and the 5th largest trading nation in the world has certainly globalized its economy by opening its doors to the outside world. But for China, globalization was a double-edged sword that brought opportunities and challenges, advantages and disadvantages. Being member of different international trade organizations, its FDI figure has certainly been impressive. Following are the long-term benefits that China will derive from globalization.- Make domestic industry more efficient and hence more competitive towards foreign industries- Accelerate the establishment of a sound market economy by accepting the legal and- Regulatory frameworks of the modern management;- Increase foreign direct investment.- Enforce the government to reconstruct the political, economical, and legal systems to enhance- The compatibility of the Chinese institutions and society with the international community.Also following are the short-term disadvantages that China might face by globalizing its economy.- Exacerbate the problem of unemployment;- Enlarge the income disparities, and as a result, aggravate the existing social contradictions between the different strata;- Increase competitive pressures on firms in the sectors of agriculture, automobiles, and certain-...

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