Globalization and China

Paper Summary:

This paper takes a look at the effects that an open economy, globalization and international trade have on China. The author provides statistics on China's GDP growth rate over the last six decades and speculates that in less than a decade, China could become the world's biggest economy driver. The paper attributes China's awakening and dramatic transformation to globalization and explains why global competition and improvements in communication and transportation technologies have helped China succeed economically.

From the Paper:

"Globalization has been one of the highly discussed subjects over the last several years and has become one of the highly debated topics as a result of sharp economic downturn. Integration with the world economy has turned into pressing issue for many organizations in the U.S. and around the world. The explosion of the Internet, the emergence of stable, secure, high-speed data communication, and the lowering of telecommunications costs made it easier to reach a global market with over 6.7 billion people. The breakthroughs in communications technology and continuous improvements in transportation forever changed the way companies conduct their business. New products and distribution channels created as a result of globalization, opened more opportunities for deeper penetration into international markets. Globalization brought companies into markets they had never considered entering and forced competitors to improve their business operations in order to survive."

Sample of Sources Used:

• Baily, M. and Farrel, D. (July 2004). "Exploding the myths of offshoring." The McKinsey Quarterly. Retrieved from the World Wide Web: http://www.mckinseyquarterly.com/Exploding_the_myths_of_offshoring_1453
• Farrell, D., Laboissiere, M., Pascal, R., Rosenfeld, J., Segundo, C. and Sturze, S. (June 2005). "The Emerging Global Labor Market: Part I - The Demand for Offshore Talent in Services." McKinsey&Company. Retrieved from the World Wide Web: http://www.mckinsey.com/mgi/publications/emerginggloballabormarket/Part1/Index.asp
• Friedman, T. (2008). The World Is Flat: a Brief History of the Twenty-First Century. 2nd rev. and expanded ed. Farrar, Straus and Giroux: New York.
• Griswold, D. (3 May 2004). "Outsource, Outsource, and Outsource Some More." Center for Trade Policy Studies. Retrieved from the World Wide Web: http://www.freetrade.org/pubs/articles/dg-05-03-04.html
• Jing, F. (March 26, 2008). "Per Capita GDP Predicted to Soar by 2030." China Daily. Retrieved April 9, 2009 from the World Wide Web: http://www.chinadaily.com.cn/bizchina/2008-03/26/content_6566083.htm

More papers on Globalization and China:

• Research Paper # 72105 : "How Globalization Affects China"
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• Comparison Essay # 69402 : "China: Globalization and the Cellular Phone Market"

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