Free «Socio-Economic Dimensions of China» UK Essay Paper
China has undergone a vigorous economic growth since its movement from the socialist economic policies to free-market economy, and thus foreign trade is its key economic policy. China is among the world’s fastest growing economies and the country with the biggest concentration of people staying below the poverty line. Its history, religion and ethnic groups are so different from those of the United States of America, though the two countries have equally big share in the global trade. China’s globalization is an effort to allow factors of production and socio-economic forces to move across the country’s boundaries and eliminate any stumbling block to such movements. China `s globalization process is as a result of pressure from the developed countries like the United States of America.
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The major effects of India’s globalization on its economy are evidence in the foreign sectors, international trade, inflow of foreign exchange, though the structural changes in domestic economy are not so evident. China has been impacted by the globalization on its social pattern, values, attitudes and the public institutions. Through China’s globalization process, the rural sector which deals mostly in the production of agricultural goods have been improved, thus promoting and enhancing the living standards of the rural people (Wolf, 2004). This is done through the usage of improved and the new farming technologies availed by the country to its rural people.
In conclusion, China is known to have many people and that its economic importance as an economic hero has declined in the previous years. Therefore, for it to increase in its economic status, globalization is the most relevant method to be used so as to help integrate its economic status with other different countries for future development. Globalization also helps promote the agricultural sector through the introduction of modern technologies for farming processes, thus resulting into quality production of goods and eliminating poverty issues in rural areas and entire country.
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