How Globalization Affects China

In today's world, virtually no country on earth is immune from the effects of globalization. In the global economy, any adjustment, large or small, has an effect somewhere down the line. Eduardo Aninat, Deputy Managing Director, International Monetary Fund (IMF) The Foundation for Globalization Cooperation's Second Globalization Forum, defines globalization as "the increasing interaction among and integration of diverse human societies in all important dimensions of their activities--economic, social, political, cultural, and religious" (Aninat, 2001). Aninat goes on to explain the global environment that we are living in, where the immediacy of information allows companies to be much more responsive to the needs of their customers and to operate at a much more rapid pace. He describes China's position as it readies itself to enter the global market and points out that globalization will improve China's economic picture but will also have some short-term adverse effects.

The entry of a country into the new world of globalization is rather like the marriage of a commoner to a prince. Although it will undoubtedly require sacrifice, and there is no turning back to an easier time, the rewards will be great and the advancement lasting. China may have a bit of a rough ride as it enters the global market, but not to do so would be to needlessly forfeit much prosperity and growth.

As an ancient country, China has had a long history of event

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Trade Organization (WTO) assumed that WTO membership would bring down the trade deficit by forcing China to lower its trade barriers and align its laws and regulations with international standards, the opposite has taken place. "Since China joined the WTO in 2001, the U.S. deficit has grown by $20 billion in each of the last two years, about twice as fast as in the years preceding accession"(AFL-CIO, 2004). In addition, China has violated international trade rules with impunity, deliberately undervaluing its currency. In spite of all of these infractions, however, China and the United States continue to execute huge trade agreements, and China's improper practices although paid lip service by various groups have not been hindered in any substantial way. Interestingly, China's abuses have contributed to similar abuses here in the United States. "American companies like Wal-Mart rack up billions of dollars in profits by taking advantage of the artificially low wages made possible by the Chinese government's repression of democracy, political dissent, and fundamental human and workers' rights. Last year, according to Forbes magazine, five of the ten richest people in the world were members of the Walton family" (AFL-CIO, 2004).

Category: Foreign - H