economic of globalisation in China-wenqi

The globalization speedily driven by the world economy has been shaping the world in a profound way. With this mega trend, China was able to break the bondage of the Cultural Revolution. It has taken a historical step to initiate a set of policies conducive to reform and liberalization, with modernization as its mission. Such a move has transformed China from a planned economy into a socialist market economy. It leads China in further opening up and integrating with the global economy, which will in turn speed up the progress of modernization in the country. Over the past 20 years, China achieved significant economic growth. If China failed to make such a decisive move, China would miss the golden chance to advance its economy. In absence of such a sound external environment created by economic globalization, the effectiveness of China’s open door policy would have been lacklustre. It explains what motivates China to play a active part in economic globalization.