The Role Of Economic Globalization On China Term Paper

Economic globalization has advantages and disadvantages existing side by side. Developed countries like china face both challenges and opportunities because of economic globalization. However, they indeed stand a better chance in this regard than the developing countries. Over the past, china leaned that isolation from other economies in the world most likely leads to backwardness. As a result, it has sought to participate in international trade in order to boost its economy and enjoy the benefits of international trade. This paper will address the positive effects that economic globalization has made in China over the past 30 years.
In as far as China is concerned; globalization can be considered a two-edged sword which presents the country with opportunities and challenges. Economic globalization has influenced the way in which leadership in the country formulates foreign policies with regard to trade. This aims to ensure that the country encourages participation in international trade in order to foster economic growth and development. China has established special economic zones win the country, which encourage foreign investment in china. Foreign investment in china has many advantages for the country. For instance such investments create employment opportunities for the natives, they pay taxes to the government contributing to the country’s GDP.
The country has developed policies, which establish and encourage dual track economy. For instance, the leadership has developed the township village enterprises (TVE) initiative, which aims to ensure that foreign and native investors can establish investments within the rural areas. This is aimed at ensuring that there is a balanced economic growth in almost all regions of the country regardless of whether they are rural or urban areas. Various economic reforms put in place have been because of economic globalization that china has embraced over the past 30 years. Deng Xiaoping was greatly in favor of opening china to what was later to be called the global economy. These strides would have been almost impossible without the economic globalization.
Early 1979, Deng ensured that the country shifted its economic strategy and began to emphasize manufacturing of consumer goods so that they would be sold abroad. Deng and comrades started a five-year program, which involved research and rehabilitation of individuals condemned as criminals during the Maoist years. In 1984, the country focused on improving working relationships with most of the foreign powers as well as foreign businesses across the globe. These can be identified as the first steps towards the economic globalization witnessed in china. The benefit connected with this can be seen in economic advancement. Together with this china can be felt everywhere in the world due to its manufacturing muscle. It makes it hard to ignore when politics and economic policies are being established all over the world. This strategic position guarantees that the country will have room to increase its production and become big economically. This translates to better lives of the inhabitants.
Evidently, it is clear that despite the opportunities that economic globalization presents for china. With large economic base China is in a position manage its –sustained economic growth and development. Due to industrialization, environmental pollution is a big challenge and a problem that many countries face, however with economic strength that the country has, better production methods can be adopted to overcome this.