Essay on Impact of Globalisation on The Chinese Economy

879 Words 4 Pages
Globalisation is a process that refers to the increased integration between different countries and economies as well as the increased impact of international influences on all aspects of life and economic activity. Over the last 50 years, globalisation has had a tremendous impact on the Chinese economy. The impacts brought forth by globalisation can be both positive and negative and effect both economic performance, economic growth and the development of China’s economy. Globalisation is the main factor responsible for China’s significant growth that has taken place over the last two decades. However, globalisation itself is not entirely responsible. The Chinese economy has also implemented strategies which have been very effective in …show more content…
This is increased levels of economic performance is example of a positive impact that globalisation has had on the Chinese economy.

The impact of globalisation on the Chinese economy is revealed through the increase in economic growth. Economic growth occurs when there is an increase in GDP over a certain period of time. The World Bank has announced that China is now the World’s second largest economy with GDP measured at approximately $8.358 trillion dollars in 2012 and is expected to soon be the worlds leading superpower. This is a major increase when compared to China’s economic performance in 2002 as the Worlds sixth largest economy in the world with GDP measured at $1.453 trillion. This enormous rise in GDP over a decade clearly demonstrates the tremendous impact of globalisation and provides evidence of China’s economic growth. This presence of economic growth is an example of another positive impact that globalisation has had on the Chinese economy.

The impact of globalisation on the Chinese economy is evidently shown through the increased development of the Chinese economy. As a result of economic growth, the Chinese population benefits from the large revenue the Chinese Government has spent in the economy. China’s Government has spent more money in areas such as education and providing workers with higher incomes. As a result, the people of china become more literate due to their education and have

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