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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The Criticle Reflection on the Impact on China
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China is benefit from being a fast growing economy. This is mainly occur due to their low cost of manufacturing and labour. Many Westerns companies have change to use Chinese labour more extensively. China has been successfully reduced their poverty through their economic system by mainly focused on increasing openly to trade and foreign investment with other countries. Even though China’s political system has been run by the communist party, their approach and how they form their strategies in order to promote their economic growth and development has become a bigger player in globalization
The accession of China to the World Trade Organization (WTO) in 2001 has further improve its economy through the integration into the world economy and furthermore into the globalization. As the result becoming part of WTO members they are entitled to provide non-discriminatory treatment to all other members and all foreign individuals. In order to protect the domestic industries and service providers, the price controls is not to be used in this purposes. WTO provided regulations to restrict China’s export subsidies on their agriculture products as they aimed to revise their existing domestic laws and therefore restart their new legislation in compliance with the agreement. In order for China to optimize their export structure and fully participate in international trade. China has to agreed to seize the opportunity under WTO who actively optimist its export structure.