Globalisation

1695 Words7 Pages
When using Chanel’s cosmetics, when drinking Danone yogurt with breakfast, when driving Ford motor the way home, global brands which are highly visible symbol of the increasing integration of world market, could been discovered around everywhere. As Thomas L. Friedman (2005) states, ‘World is flat!’, which means world is being shrunk by the spreading of globalisation. Globalisation, a result of social development, can be described as the increase in cross-broader trade and influence on the economic and social behaviour of nation states (David Begg, 2003:272). This process has affected the world widely and deeply, principally in economics, industrial, technological, political and cultural aspects. Over the past decade, as the liberalization of national and openness of global markets, globalisation has benefitted the world significantly, such as income improved, increase of imports and exports, industrial development, thus, free flow of trade, capital and information have produced the best outcome for growth and human welfare. Therefore, it is little doubt that globalisation has positive impact on developed and developing countries. When it comes to China, ever since it formally joined WTO, great benefits has been gained from the international trade while a huge boost to the collaboration with other countries. The issue of globalisation in China, including demonstrating why globalisation is beneficial for China, the status quo situation of globalisation in China, and the prospects and suggestions of development of China’s globalisation, will be discussed in this project. As a developing country, by taking advantage of global markets, China has benefited during the process of globalisation, of particular concern is the economic development. All of China’s economic successes are associated with globalisation, which can be seen in each aspect of China’s economic boom (William. H. Overholt, 2005). There are numbers of way to measure the impact on China’s economy by globalization, especially in the aspect of international trade and employment. 1. International trade Owing to the global technology advances, by a gradually falling in the cost of transportation and communication, importing and exporting have become much cheaper for many goods and services, as well as the cost of discovering the foreign buyers and sellers have declined(John Vickers, 2001). In 2001, China formally joined the World Trade Organization, which meant China agreed to follow the same global rules governing imports, exports, and foreign investments that most countries in the world were complied with. Since then, a rapid growth of China’s export has been boosted. In a recent BBC article on the internet, it is explained that ‘in recent years, China has also become a trading giant - it is the world's fifth largest exporter of merchandise after the US, Germany, Japan, and France’ (http://news.
Open Document