Title: The Impact Of Globalization In China Economics Essay
Headings: The Impact Of Globalization In China Economics Essay
The Impact Of Globalization In China Economics Essay
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“In Recent year the global economic crisis began to reduce China’s economic growth rate, the government decided to injected 4 trillion RMB into the economy in form of economic stimulus package consisting largely of investment in infrastructure and human capital” (4)
As a result of industrialization and increase in infrastructure and investment in China , the agriculture sector as a percentage of GDP has been dramatically decreased from 29% to 13% in 1997 to 2003, as the farm that used to do agriculture has been converted into cities and factories. It might be also that all other industries have been producing much more than the agriculture industry. This economic growth has been very attractive to the western expansion market, which later has result in more market-based economy with globalization and deregulation by the Chinese government. The recent trend growth rate is at average of 9.4 % over the past decade is 1.7% higher than other countries in Asia. As China is a major economy in the world, their main competitor which has another major economy is the USA. Globalization helps China to make a better use of foreign investment to promote the increase in their industrial construction. As Labour cost in China is very low respectively, it become very attractive to the foreign investment. The more consumption of labour, the faster they can speed up the high development of new technological industries, thus China’s industrial can compete internationally. Globalization also lead to the increase in the level of trades in China as subject prior to 1978.