Extra credit blog: China and globalization

 Economic globalization refers to the whole process of global organic economy which transcends national boundaries through foreign trade, capital flow, technology transfer, service provision, interdependence and interrelation. It is the flow of goods, technology, information, services, money, personnel and other factors of production across borders and regions. Economic globalization is one of the important features of the contemporary world economy and an important trend of world economic development.

Favorable impact on China:

1. It is beneficial to attract and utilize foreign capital, introduce world advanced management theory and experience and realize management innovation.

2. It will help accelerate China's industrialization and improve its industrial structure.Economic globalization enables China to integrate into the world economic system more quickly, make full use of the industrial restructuring opportunities of developed countries, transfer their relatively advanced labor-intensive industries or production links, and accelerate the process of China's industrialization.According to the needs of domestic and international markets, we will constantly adjust and optimize the industrial structure and export commodity structure to strengthen economic competitiveness.

3. It is conducive to further participation in the international division of labor, give play to the actual and potential comparative advantages of the country, and expand the overseas market.Economic globalization has provided Chinese enterprises with opportunities to actively participate in international competition in a wider range of fields. They can improve the efficiency of resource allocation by exerting their comparative advantages, expand overseas markets and enhance their competitiveness.

4. We can seize the opportunities brought about by the new technological revolution, give full play to the advantages of latecomers, develop high-tech industries, and realize leapfrog economic development. Economic globalization has promoted the increasingly active global scientific and technological activities of scientific and technological talents, transnational corporations, between countries and among the people. If they can be effectively utilized and actively participated in, they can effectively promote the improvement of China's technological level.

  Alblau, who has visited China for many times for investigation and academic exchanges, believes that, on the one hand, China has benefited from globalization through 40 years of reform and opening up. On the other hand, China's economic achievements and reform and opening up practices have also contributed greatly to the development of globalization. "China's contribution to the promotion of globalization is of great strategic significance," he said.

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