"Examine the impact of globalisation on an economy other than Australia".
An important trend occurring in the world economy is the process of globalisation. Globalisation is the progressive integration between national economies and the breaking down of barriers between trade and financial flows around the world, which will eventually lead to the emergence of a single world market. Globalisation has affected many different nations in different ways, depending on their degree of development and extent to which they are open to the flows of the world economy.
China is said to be the next economic super power. Many guru economists such as Lawrence Summers predict that in the opening decades of the 21st century, china will match the US and Japanese economies. China currently ranks seventh strongest economy on a global scale. China's economic success has not been confined to raw economic growth, especially with a huge trade surplus of over 40 billion according to world guide from 1998. China has an annual per capita Gross Domestic Product (GDP) of $750. China has shown amazing growth averaging 10 per cent per year and shows no slowing down because of globalisation. Today China would have to be the most alluring country, ever since November 1999 when the country began talks with the US. The international community and US business sector have seen the "Communist" country as offering immense opportunities. With a market of more than a billion potential customers, a figure equivalent to one fifth of the world population who would disagree. China also now has plans in joining the World Trade Organization (WTO). China has taken many steps in globalisation and it has definitely impacted greatly.
Over the past two decades, with many radical economic reforms, China has achieved great success. Firstly by muting all international conflicts and geopolitical ambitions, China followed the examples of other newly industrialising economies (NIEs), giving priority to industries and sectors where limited government investments would produce rapid growth.
