Essay Example about China and Economic Globalization

Globalization is the driving force for economic development. The process allows national economies around the world to expand across borders and build mutually beneficial relationships. In China, economic globalization is evident in its high GDP growth. The nation is currently industrializing itself into an economic superpower. Globalization stimulates the nation's comparative advantage in cheap labour. China achieved economic globalization through a number of factors including firmly promoting fair development, carefully studying the strategies of other developed nations, deepening global corporation, and focusing on guiding public awareness.

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China is encouraging the development of other nations and has adopted reasonable suggestions and proposals to positively corporate with them in international economic affairs. The country has adhered to the policy of openness, expanding and consolidating International Corporation based in free trade zones. The government has spearheaded the development of high and new technology industries so that the nation's industrial standing and competitiveness can be strengthened. The principal of sectoral control also applies. The principle focuses on the need to have a mechanism of supervision over foreign financial institutions in China. Generally, sectoral control is meant to provide sufficient financial safeguard. For China to optimize the export structure and fully participate in international trade, the government has to increase the export of famous brands and quality items that not only sell in China but also in other nations.

Globalization has a direct economic impact on the availability and free movement of goods and services. It has fueled the rapid development of China's manufacturing industry and the ability of the country to assume an international division of labour in the manufacturing sector. "Made in China" is an economic phenomenon hence the nation was awarded the "World Factory" in the very title. In technology, China has made a big achievement. At present, most analysts describe China as the "world's workshop" meaning that it is only interested in technical development in the process of marketing. For the nation to achieve its long-term economic goals, it must be at a high level to participate in the international division of labour. China has always attached great importance on the activities of Asia-Pacific Economic Forum because this is one of the best platforms it can make proposals to promote trade and enhance economic and technical corporation.

Initially, there were laws in China that significantly restricted the role of private businesses. However, these regulations were reviewed making it possible for small enterprises to operate freely. The country has maintained extensive interventions in the state sector with the purpose of making small enterprises more competitive. Some analysts blame economic globalization for the world's problems. For instance, in recent years, developed nations have accused China of its involvement in the dumping of substandard products. Substandard items are viewed in terms of human and material losses. The national economies of other countries directly suffer because they are likely to lose revenues through taxes. The influx of substandard or counterfeit goods into other markets raises serious doubt about the efforts of other nations to protect their markets.

There is the need for the Chinese government to cushion the adverse effects of economic globalization. It should allow medium and small overseas entrepreneurs to invest in the nation. In this regard, it should limit the bureaucracies. For a populous country like China to continue to develop labour-intensive industries, it must adopt new technologies which can enhance competitiveness at all levels. The nation's growing engagement has a critical role in her progress. The key to building and sustaining early economic success is the country's move into world markets.