Discuss the impact of globalisation on China, with reference to economic development and environmental consequences

Topics: Investment, Economic development, Macroeconomics Pages: 4 (1348 words) Published: December 11, 2013
Discuss the impact of globalisation on China, with reference to economic development and environmental consequences

Globalisation, is the process of increasing integration among different countries, resulting in the establishment of a single world market. Globalisation has been accelerated in the last 50 years due to the relative stabilisation of international relations, development of international institutions that have assisted in the management of globalisation, technological developments and changes in domestic policy. China has been heavily impacted by the process of globalisation displayed through: economic growth, international convergence, economic development and quality of life, international trade, investment, financial markets, distribution of income, the environment and Chinese government economic policy. In this essay I will be especially focussing on how globalisation has impacted economic development and the environmental consequences of globalisation.

China is the largest country in terms of population size and has recently become the second largest economy in PPP US$ terms. China has made rapid progress in economic and human development by reforming its economy. Between 1978 and 1997, the Chinese government made vast changes allowing its economy to become more efficient and opening up its doors to the global market to reap the benefits globalisation.

China’s recent high growth performance has led to rapid economic development. China sustained an average annual rate of growth in real GDP of 10.1% between 2003 and 2009. Investment and international trade have been the source of China’s industrialisation and consequently its rapid growth. This economic growth has lead to economic development with its citizens enjoying rising per capita incomes, growing by an average of 8.2% per annum between 1975 and 2005, and improvements in quality of life, rising from a HDI of 0.530 in 1975 to 0.777 in 2005.

The World Bank estimates that over the...
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