Extra credit blog: China and globalization-LUAN QIANYUE

 China and globalization

For human society as a whole, globalization is generally beneficial. As for individual countries, the pros and cons of globalization need to be measured according to national conditions. In the absence of major breakthroughs in basic science leading to revolutionary changes in productivity, coordinating global resources and promoting the international division of labor is a reasonable way to enhance production efficiency.

1.Is globalization good for China?

 -Globalization can enable the effective and rational allocation of capital, technology, market resources, and labor worldwide. Globalization accelerates the free flow of production factors around the world, forming a unified global market, thus promoting the globalization of multinational companies and the restructuring of global industries, and maximizing the optimal allocation of resources. From China's point of view, domestic enterprises will break through the limitations of domestic resources and the domestic markets to seek the optimal allocation and effective use of resources in the global scope. China can absorb and introduce capital and technology from other countries to develop its own economy and nation to meet its people's material interests. The effective combination of economic factors of different countries and regions objectively promotes the development of global social productivity and the development of China's economy.

-Globalization will contribute to the emergence and development of a global culture. Economic globalization will not only affect the global economic structure and order but also bring different degrees of impact on the cultures of different nations and bring new cultural integration. Secondly, the universality of "technological culture" cannot be denied. At this stage of its development, China attaches importance to science and technology, and education. Although the level of scientific and technological development is uneven among nation-states, the exchange of science and technology has become an unstoppable trend. The culture of science and technology has already broken through the boundaries between nation-states and penetrated all corners of the world. With the development of "economic culture" and "science and technology culture", it is easier to spread and exchange literature, art, philosophy, religion, customs, and traditions among different nations. People always absorb the nutrients of these foreign cultures consciously or unconsciously, which is also the expression of cultural globalization. This cultural integration and absorption is to a great extent the further development of China's soft power.

-The liberalization of investment in economic globalization. Investment liberalization has become the mainstream of the current international investment development, and China has actively taken measures to liberalize investment. On the one hand, a large amount of foreign investment has been introduced, and on the other hand, outward investment has been actively carried out, which has led to a rapid increase in the amount of direct investment in the world, and investment activities have spread all over the world, and the regulatory framework and rules of global investors have begun to take shape.

2.And is China good for globalization?

China's economic ties with the world are entering a whole new phase. China's economic miracle of recent decades has been largely driven by industrial growth and investment. However, the main driving force has now shifted to domestic demand. China's declining dependence on the world economy and the world's relatively growing dependence on the Chinese economy reflects, in part, China's growth to become the world's second-largest economy and a major global trading power, as well as its contribution to globalization.

- Asian economies are increasingly linked to China by regional supply chains. The dependence of Asian countries on the Chinese economy has been increasing, especially for those countries with a large share of exports to China. They often have strong ties to China through global value chains, with trade with China accounting for a high share of domestic output.

- Resource-rich countries are more dependent on China's demand. Countries that export natural resources abroad are significantly dependent on Chinese demand.

- Some emerging economies and smaller, mature economies are also highly dependent on Chinese investment. China is not only Africa's largest trading partner, but also its largest source of infrastructure financing and third largest source of foreign aid. China is fully integrated into global value chains in the electronics, machinery and equipment sectors. In these deeply integrated trade areas, China's role is both as a supplier and a market.


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