China and Globalization Essay Example | Topics and Well Written Essays - 1750 words

China and Globalization - Essay Example Similar to other developing nations, China has been affected vastly by the advent of globalization which is often argued to be comparatively more rigorous than in the context of other countries. Globalization has helped China in achieving various economic opportunities such as resource accumulation, capital inflow and labor outflow to contribute to its socio-economic growth prospects (Hangzhou and Hong Kong. â€Å"Could A Chinese Internet Business Become the World’s Most Valuable Company†). The country had also witnessed various challenges in terms of sovereignty and ideological diversity when developing with the advent of rapid globalization. Critics often argue in this regard that China has learnt to turn its economic lacunas into advantages with the help of the globalization. According to the survey report of the World Bank on global development, China’s accelerated growth has ‘helped to drive the recovery in the East Asia’ by a large extent (Keit h, â€Å"Buying up the World, The Coming Wave of Chinese Take Over†). Focusing on the recent economic developments in China, it can be affirmed that globalization effects have imposed its vital impressions over China’s economy. The Gross Domestic Product (GDP) of China is increasing continuously on a year-on-year basis. China entails the 32nd largest power with respect to its trade prospects (Shenzen. â€Å"The Company That Spooked the World†). For instance, China’s economy, as compared to the Japanese context and other similar nations is much more open and advanced facilitating global traders to operate with the nation and thus facilitate national income substantially. As the records depict, the national income of China, earned from international trade accounts around 70% of its total GDP. In this context, it has been further revealed that the globalization of China does not confine to the opening of economy rather it confines to the globalization of the institutions trading within China. In accordance with the advent of globaliza tion, China has adopted the foreign technologies as well as the techniques of the corporate management related to the foreign terms. China has also adapted the various foreign institutions as well as the international accounting standards aptly in accordance with its economic limitations and growth needs. The important and the advanced change that globalization brought within China relates to the western concept of the rules related to the law which in turn, with the blend of Chinese traditional ideologies have widened the nation’s development prospects largely (Shenzen. â€Å"The Company That Spooked the World†). As reported in The Economist, China has adopted three basic steps to merge smoothly with the globalization imposing inevitable impacts over the world economy and the market scenario. The frank pro-globalization stand, the reformist approach and the attitude of fight back globalization have further accumulated with the rise of China as a world power in global politics. The need for this attitude by the Chinese economy was basically to sustain within the competitive scenario where globalization effects were observed to be posing a fast and advanced impact over the country’s economy. It is in this context that globalization has provided long-term benefits to China with respect to various aspects. In the aftermath, with the enhanced resource availability as facilitated with the globalization effects, the domestic industry in China became more efficient and effective which ultimately helped the nation to ensure competitiveness towards the foreign industries by accepting the legal as well as the regulatory framework with regard to the modern management in an open and