History - Globalization in China Essay Example | Topics and Well Written Essays - 5500 words

History - Globalization in China - Essay Example This perception has been disregarded by most Chinese who argue that they have learnt from their country’s long history that isolation often results to backwardness especially considering its vast population (Gerschenkron 842). Among the Chinese, globalization is often viewed as a double- edged sword which brings both challenges and opportunities, as well as advantages and disadvantages. Opportunities and advantages can be achieved in China in the wave of globalization through correct strategies and policies. As a matter of fact, China needs globalization more than any other country of the world considering its vast economic and population size (Huang 65). Since its contribution to the world is immense, its participation in globalization is not a one- way street. The country not only serves as one of the biggest markets for world’s products and services but also as one of the world’s greatest producers of goods and services. It should be noted that even though Chi nese economy integration into the world’s economy has deepened over the years, the issue of globalization in China is considerably controversial (Walter and Howie 107). The transitions and growth of the Chinese economy have been critical in integrating it into the world economy in the wave of globalization. ... Growth in the China context is the realization by the leaders of China after the death of Mao Zedong in 1976 that their country was developing and poor and therefore it was important to deliver sustained jobs and incomes in order to propel their country to success and to grip of world power (Naughton 103-4). Just like other countries that are experiencing globalization, China’s economy and the globalization process is linked to the political issues in the country. The rapid growth of the Chinese economy in the face of globalization and its deepening integration into the global economy can be greatly attributed to the policies that have been implemented by the Chinese government. The government has in the recent past have been setting incentives so as to enable the state firms to profit from the income that they earn on sales from transactions with other â€Å"clients† across the world, as well as their transactions with the state. It is worth noting that, in response to the globalization of the world’s financial system, the government of China has in recent times restructured the country’s banking system among other restructuring that aim at aligning the country’s financial system with the world’s, so as to benefit from globalization processes (Huang 178-9). More importantly, it should be noted that even though China has recorded a remarkable success in the globalization process, there is no general understanding of globalization among the Chinese. Majorly, the understanding of globalization among the Chinese revolves around the following three aspects. One, many of the Chinese elite tends to believe that the globalization trends are inevitable. To them, there is no alternative to globalization and all