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China, a developing country in the Asia-pacific region is labeled as the worldfs seventh largest economy in terms of power and influence and the largest in terms of size- 1% of global population. Under Mao Tse Tungfs communist rule, China attempted to modernize both agriculture and industry in the ggreat leap forwardh in the 150fs. However, the policies implemented proved futile and resulted in pervasive famine and poverty. In the latter period of the 160fs Tungfs successor, Deng Xiao Ping instigated a cluster of fundamental policies designated on integrating China with the global economy and to promote its economic growth and development.

Chinafs experience with the World Bank is extensive. Since joining the bank in 180, China has been the largest single source of long-term foreign capital, acquiring $US.5 billion after 1 for reform purposes.

Furthermore, China had loaned minimal amounts from the IMF and repaid immediately.

In 180 an eopen doorf policy was employed to expose China to foreign trade and investment with Special Economic Zones established in the southern coastal provinces. This policy was successful due to the low tax rates, import duty exemption, far less stringent regulations, and the comparative advantage China has in labour productivity. In this period foreign trade generated $US0 billion, which expanded to $US400 billion in 1. TNCfs such as Phillips operate companies and generate $US5 billion-worth of goods in China each year, but nearly two-thirds of that is exported overseas.




In addition, agricultural reforms were implemented to strengthen economic development. This entailed the removal of the commune system, also referred to as de-collectivisation and the introduction of the Household Responsibility System where the household sector had freedom to organise their own production decisions and distribute surpluses in free markets after the establishment of quotas or plans. In f7 agriculture measured 1% of GDP.

These reforms generated positive economic growth rates for China. World Bank studies concluded that China achieved average growth rates of 8.% between 178 and 15. Further, the IMF Economic Outlook 00 states that Chinafs GDP (adjusted for PPP) has reached $4.5trillion, equivalent to 1% of Gross World Product (GWP).

The growth of Chinafs potential export markets increased due to reduced government intervention and international convergence but at the expense of higher unemployment and structural change in domestic industries. Through a series of further decentralizing effects, current Premier, Zhu Rongji attempts to increase industry efficiency and competitiveness. China was admitted into the WTO at the Doha conference in 001 and raised exportfs by almost 50% during the first half of this year by exporting to the other 14 member nations.

Financial sector reforms corroborated the nationfs drive to entice foreign investment. They began in 1 with a price mechanism established and a new taxation system operating amidst the central and local authorities. The Peoplefs Bank of China was assigned the central bank implementing the monetary policy and a dual exchange rate was established. The capital loan and negotiable securities markets were gradually established after 185 and Chinafs average tariff rate was cut from % to 15% in 000. Banking laws were initiated in 15 and lead to network banking, stock exchanges and a more sophisticated capital market to accommodate savings and investments. In the years after 1, the amount of foreign investment absorbed by China has maintained the honor of No. in the world for five consecutive years, after the USA. Chinafs private bank savings surpass $US840 billion, equivalent to its GDP. Since then, China has maintained a managed float currency.

Chinafs quality of life may be measured via various indicators such as the level of educational attainment, life expectancy at birth, GNP per capita and the number of doctors per 100,000 people. Education reforms such as the gnine-year compulsory schooling systemh, which was implemented to enhance primary, secondary and tertiary education, achieved great results with the average adult literacy rate rising to 8.8% in 1. Life expectancy at birth reached an average 6.8 years with GNP pc averaging $US780. This gave China an overall HDI value of 0.706. To add, during 1-5 there were 115 doctors per 100,000 people. The Chinese have an average quality of life in comparison to Australiafs whopping 0..

Chinafs reform strategies created many environmental consequences. The country is affected by soot, smoke, acid rain and polluted air and water, which are the unintended consequences of globalisation. By 000 China has basically controlled environmental pollution and the worsening of the ecological environment by establishing things such as the ,500 environmental-protection departments.

The distribution of income and wealth for China is imbalanced. For instance, rural residents had a per capita net income of ,10 Yuan in 1 compared to urban residents receiving 5,854 Yuan. This has increased the prominence of relative and absolute poverty. Chinafs current urban unemployment rate measures 10-15%. However, China has promoted the combination of overall social planning with individual accounts and set up at unified insurance system for staff and workers of enterprises. In 1 million retired staff was covered by old-age pension.

Globalisation has presented numerous implications for Chinafs economic policy framework. Chinafs path to global integration relied essentially upon decentralisation of decision- making, a greater role market forces (through initiatives such as exchange rates) and X-led growth. From 16-8 the Chinese government loosened monetary policy eight times to increase investment in capital and consumer spending. Furthermore, it implemented fiscal expansion policy and budgeted for a deficit in 1 to fund necessities such as telecommunications, transportation and infrastructure. This budget deficit cost the Chinese government a total of $160billion renminbi in treasury bonds.

So, it is obviously illustrated that China has embraced the notion of globalisation and coincide with the continuously changing demands associated. It is successfully reforming its economy even in the present day today and is envisaging positive outcomes for the future. Through its reforming process it has experienced both the benefits and drawbacks of globalisation. From recent trends, it appears highly likely for China to continue growing at such as miraculous rate, competing close to the U.S and ultimately, embracing the global economy.



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