Globalization of China Research Paper Example | Topics and Well Written Essays - 750 words

Globalization of China - Research Paper Example Nevertheless, while assessing the effects of globalization in the world, China offers the most classic example, owing to the way the country has been able to match the opening-up of the country to the rest of the world, with development and geographical advancement of most of its provinces, as well as the revolutionized administration and governance of corporate institutions, and the attraction of Foreign Direct Investment (Fan and Zhang, n.p.). Notwithstanding the advantages offered by globalization to China, there are several negative effects that globalization has brought about, which essentially backtracks the gains that the country had made, especially in the cultural and social value systems (Ma, n.p.). The closing of the Starbuck’s coffee house in China's former imperial palace is a good example of how globalization can bring about cultural and social transformation that are detrimental to the value-based system that a country has upheld as the core of its identity (The New York Times, n.p.). ... itors, but its presence in the Chinese museum was found to be threat to Chinese culture, thus attracting media and online protests that led to its closure (The New York Times, n.p.). China’s economy has highly been boosted by the investment of foreign firms within its economy, especially starting the early 1990s, when it implemented some of the much desired financial deregulation (Fan and Zhang, n.p.). This allowed for more entry of investment firms within the country from other foreign countries, especially from Europe and the USA, through eliminating the fixed exchange rates of its currency, thus allowing for more flexible foreign exchange transactions (Mckinnon, n.p.). Therefore, globalization has played the role of a major economic booster in China’s economy, which has in turn made it possible for the country to lift a large percentage of its population from poverty, considering that they can now have jobs that are created by the foreign investments firms in the cou ntry (Mckinnon, n.p.). The deregulation of the currency control in China served to ensure exchange stability, while also promoting aligned price-level of products, thus making it easy for foreign investment firms to gain entry into the country, whose business accounts for a huge growth of the Chinese economy. Further, through globalization, China has been able to operate highly in the technological world, through a creation of a platform through which labor can be exchanged with foreign countries (Fan and Zhang, n.p.). Despite the tight control of the internet that the Chinese government has been applying to regulate the use of the internet within the country, China is one of the largest outsourcing global hub, with many large companies outsourcing labor from China, through the application of