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Hence, globalization has just made it simple. It is the change of thinking of the locals to open up their borders with a wider outlook of interconnections and interdependence to the rest of the world. (Baylis, Smith and Owens, 2013) They can exchange their capital goods at will while on the other hand; movement of labor is not prohibited. The measurements nonetheless, if not controlled can hurt the less developed economies. Thus, these seem not to bother the two countries as their economies are at par and have nothing to lose but just to maintain their superiority.
The census from both countries shows that trade is the significant mutual benefits that the two countries enjoy. In fact, approximately 21% of the United States imports are from China making them the biggest trade partner in the early 21st century. A survey done by Yingyi, Qingguo,Chong’en, and Jisi, in (2014),in China on international politics and economy shows that both nations have enormous amount of capital goods and will be willing to exchange at their free will. China, on the other hand, has its primary essential from America that comprise of about 9% of their total imports, such is indeed a mutual relationship between the two countries. Baylis, Smith, and Owens, (2013) an educational study indicates that these ties will be long term benefits and is unlikely to end soon. It observes China has the largest population in the world providing the ready market for goods and services for the America economy. The population in China can help in the labor production that is required in the America. Hence, Chinese are more than willing to partner the Americans since it provides for job destination to its millions of citizens reducing unemployment. Thus, the interdependence is just but the beginning of what mutual happenings are bound to happen between the two world economic giants.
However, the interdependence between the
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The absence of trade restrictions has led to business organizations expanding their footprints beyond geographical and political boundaries to reach out to new market with considerable potential. The saturation of the traditional markets in Europe and US and emergence of new markets in Asia have also led to considerable expansion plans.
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