China and Globalization——LI XINWEI

 1. Is globalization good for China? 

  I think from the economic point of view, there is no doubt that globalization has been very beneficial to China. Embracing globalization is the best way to bridge the gap between developing and developed countries. As the developing country with the largest population in the world, China initiated multilateral trade after its accession to the WTO in 2001 and also began to join the major trend of globalization.

  Economic globalization has enabled China to enter the market of the world's manufacturers, enabling some developing countries to take advantage of their abundant labour force to provide them with a competitive advantage in the labour-intensive manufacturing industry. This is partly because many rich countries have loosened their barriers to foreign investment and lowered tariffs on imports.

  In the 1970s and 1980s, with the gradual development of communications, the focus of manufacturing around the world gradually shifted to cheaper places. Taking advantage of its population and low Labor Day prices, China has made much of its manufacturing sector central to its development. This phenomenon provides a lot of jobs and develops China's economy.

2. Is China good for globalization

  The greatest vision of economic globalization and multilateral trade is the mutual benefit of the whole world. China has made much of the flow of goods to the rest of the world cheap through its own advantage, but it has also had some political consequences. Trump's trade war with China, for example, which began in 2018, is a product of globalization. One of the important signs of economic globalization is trade.

  China's massive imports have squeezed similar industries in other countries, resulting in mass manufacturing closures and mass job losses. But that doesn't mean China doesn't bring benefits to globalization. After China's re-participation in globalization, every development in the world will see China's shadow. For example, "Made in China" which means China's manufacturing industry is very developed, and many multinational companies have set up industrial bases in China.

  

  

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