See reqiurmence Essay Example | Topics and Well Written Essays - 1750 words

See reqiurmence - Essay Example earlier embarking upon the discussion a brief look into the background would be helpful. The famous Silk Road paved the representation for the Chinese goods that mainly consisted, silk, printed paper, gun powder and compass. Not only those are goods but ground pause inventions that held the Chinese head high at the global arena (Whitfield, 2004). The communist government was established in China in 1949 and China entered a prolonged physical body of social and economic restructuring till 1977 (MacKerras & Yorke, 1991, p.81). This phase is characterized by meager economic exchange. (Bell, Khor & Khochar, 1993). The reflection of globalization is almost everywhere, however for simplicity only cardinal variables are considered in this paper agriculture, Industry, International trade and foreign direct investment. Again a come upon has two faces so as globalization. The paper analyses the impact of globalization on the Chinese deliverance. It means t hat the in all or none policy while judging the impact of globalization on Chinese economy would be faulty and far from the actual reality. Statistical overview The following table summarizes the offset rates of the agriculture, manufacturing and trade pre and post reform fulfilment. This gives a brief picture regarding the impact of globalization in call of figures on the Chinese economy table 1 Annual growth rates of Chinas economy 1970-2010 (%) pre-reform 1970-78 repair period 1970-78 1979-84 1985-95 1996-00 2001-05 2006-10 GDP 4.9 8.8 9.7 8.2 9.9 11.1 agribusiness 2.7 7.1 4 3.4 4.3 4.5 Industry 6.8 8.2 12.8 9.6 11.4 11.9 Service n.a. 11.6 9.7 8.3 10.1 11.9 Foreign Trade 20.5 14.3 15.2 9.8 25.3 13.8 Import 12.7 13.4 9.5 24.9 14.2 trade 15.9 17.2 10.1 25.7 13.5 Population 1.8 1.4 1.37 0.91 0.63 0.5 Per capita GDP 3.1 7.4 8.3 7.2 9 10.6 (Huang, Wang and Qiu, 2012, p.5) The financial crisis of 2008 accounts for the lower annual growth rates of foreign trade, imports and e xports for the period 2006-2010, but China managed to be consistent in terms of GDP rate and the domestic sectors. Agriculture The initial impact of globalization on Chinese agriculture might be summarized as the chemise from collectivization to individual household responsibility. Improved form of countrified procedures was introduced with chemical fertilizers and pesticides, machineries were welcomed and that brought a huge growth in agricultural output and in rural income. However this success was short lived and by mid(prenominal) 80s rural economic growth had achieved its ceiling. By the end of the decade and the beginning of the near one stagnation and a step ahead degeneration became the trademark of Chinese rural area. As agriculture is the prime profession of the rural people it also serves as a dummy for the agricultural sector that was subject to the same problem. To raise agricultural production, deforestation took place at an unprecedented direct and impacted the en vironment. Soon the rural household felt the brunt of rising price of machinery, fertilizers and pesticides and resorted to their initial way of husbandry that gave rise to pseudo unemployment. Apart from that, globalization exposed the farmers to market price fluctuations. Along with