Economic globalization in China - Essay Example

The death of Mao Zedong, the father of China’s Cultural Revolution helped them to shift their attention from the ideological warfare and class struggles to the economical development. Moreover the emergence of Deng Xiaoping as the leader of China after Mao gave momentum to the economic development activities. Globalization has brought revolutionary changes in china. China’s GDP was dollar 4.5 trillion in 2000, second only to US whereas the GDP per capita was $ 3600 in 2000. The trading power of China was in the 32nd place in 1978, 15 th in 1989, and 6 th in 2001.

China was the world’s fifth largest exporter and 6 th largest importer in 2002. FDI in 2002 was around $ 50 billion. The number of poor has declined from 250 million in 1978 to 30 million in 2000. Population growth has been controlled by controlling the birth rate. The average life expectancy of Chinese people increased from 35 years in 1949 to 71.8 years in 2001 (Gao). Jintao (2005) has mentioned that by 2020, Chinas GDP might be approximately $4 trillion with a per capita level of around $3,000 (Jintao).

This paper briefly explains the revolutionary changes happened in China due to economic globalization. Till the era of Mao Zedong, China was more adamant in their economic policies. They have followed an economic policy strictly in accordance with the Marxist economic views. All the other economic policies implemented in other capitalist countries have been looked suspiciously by China and other socialist countries. China like socialist countries were reluctant in opening their economies to capitalist countries.

Most of the trade activities of China were with Soviet Union and other socialist countries. Later after the destruction of Soviet Union China tried to establish trade ties with the third world, still reluctant in establishing any connection with the U.S. and U.K. like capitalist countries. Because of the above policy China escaped from