Globalization to China’s economy

With China’s entry into WTO, the rapid process of globalization is becoming more and more apparent. In our country, this tendency is more evident in developed areas. However, people in west regions sense the tense urgency. On the one hand, globalization encourages large-scale mainstay enterprises with better development, on the other hand, this trend puts great pressure on SMEs(small and medium-sized enterprises). Globalization is a destiny what we must accept. It is defined as a process of social production and circulation activities to liberalization of information, marketization, flow of production factors, which manifests as the integration of transnational production, liberal trade and integrated finance. Being a member of WTO represents that our economy has been gradually blended in global economy. Globalization has two sides, the positive opinion is that China would certainly accelerate its economic pace after entering WTO. Meantime, the negative holds that China is not aware to suffer losses for traps which exist everywhere.

   Globalization has been accelerating China’s opening-up and reform policy which can provide abundant overseas fund and technology using which our economy booms greatly. Under the push of globally informational industry, those advanced technologies have not only become the pillar of China’ main income, but also forcefully promoted the development of other fields.

   Simultaneously, the negative impacts can not be ignored. A mass of FCI(foreign capital inflow) could cause international debt crisis, such as the severe financial crisis  in Mexico in 1995, and could have a great impact on national capital and industry. Globalization may sharpen the issue on the balance between ecological environment protection and sustainable economic development which bring turmoil and upheaval to China and other developing countries. As a result, the gap between developed and developing countries becomes wider and wider.

   All in all, globalization certainly brings challenges and difficulties. What China can do is to adapt to this trend, fully take advantage of opportunities in order to keep up with developed countries. Correct strategies should be established, such as enforcing comprehensive strength to protect economic safety; advocating opening-up policy to take part in international competition; supporting and participating internationally and regionally economic organization to enhance mutual cooperation; boosting competitive force of China’s enterprises; establishing effective financial systems, etc.  In this era of globalization, once drawing on advantages and avoid disadvantages, adopting policies according to our own conditions, grasping  opportunities and being aware of the possible risks, China could realize the goal of modernism in near future.


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