Economics Impacts of Globalisation on China Essay
Discuss the influence of globalisation on the Chinese economy and evaluate the strategies use to promote growth and development.
Globalisation is the breakdown of trade barriers between nations to allow for the free flow of goods and services, ideas, communication and information. In the 1980s, China had implemented a series of economic reforms which allowed the country to better integrate with other nations in the region. This was endorsed by the government for the Chinese nation to develop itself and become an emerging country to meet advanced international standards. It has since joined world and regional agreements and organisations, is exporting products and becoming more technologically advanced. Globalisation has resulted in increased growth, greater development which has led to income inequality, increased investment and financial flows, greater emphasis on environmental management and improved government policy. To maintain or manage the impacts of globalisation the Chinese government has implemented strategies. China’s participation in global economic events and trade has been both beneficial and damaging for the nation.
China’s rapid growth in the past decades is caused by the increase of the acceptance of Globalisation. China has undergone many transformations. It has implemented "open door" economic reform policy in 1978, which saw the move from a centrally planned economy to a market based economy with a trade oriented focus. With conjunction to this strategy, China joined the Asia Pacific economic corporation (APEC) in 1991 to develop and maintain economic relations within its region. This impacted China as there is now greater exportation of cheap goods and foreign economic integration. This is beneficial to China as it has allowed for economic expansion and greater financial flows, which in turn has created greater economic stability for the nation. Due to these economic reforms, as can be seen on the graph, China’s GDP growth in 2011 is
Globalisation is the breakdown of trade barriers between nations to allow for the free flow of goods and services, ideas, communication and information. In the 1980s, China had implemented a series of economic reforms which allowed the country to better integrate with other nations in the region. This was endorsed by the government for the Chinese nation to develop itself and become an emerging country to meet advanced international standards. It has since joined world and regional agreements and organisations, is exporting products and becoming more technologically advanced. Globalisation has resulted in increased growth, greater development which has led to income inequality, increased investment and financial flows, greater emphasis on environmental management and improved government policy. To maintain or manage the impacts of globalisation the Chinese government has implemented strategies. China’s participation in global economic events and trade has been both beneficial and damaging for the nation.
China’s rapid growth in the past decades is caused by the increase of the acceptance of Globalisation. China has undergone many transformations. It has implemented "open door" economic reform policy in 1978, which saw the move from a centrally planned economy to a market based economy with a trade oriented focus. With conjunction to this strategy, China joined the Asia Pacific economic corporation (APEC) in 1991 to develop and maintain economic relations within its region. This impacted China as there is now greater exportation of cheap goods and foreign economic integration. This is beneficial to China as it has allowed for economic expansion and greater financial flows, which in turn has created greater economic stability for the nation. Due to these economic reforms, as can be seen on the graph, China’s GDP growth in 2011 is
Bibliography: Dixon Tim, O’Mahony John Australia in the Global Economy, 2012 edition