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Globalisation is the process of increased integration between different economies of the world to create a unified global economy Economists believe that this movement will lead to a more efficient allocation of resources as countries produce goods and services where they have a comparative advantage For globalisation to work it is necessary to promote free trade between nations to enable goods and services to flow between various economies The future of Chinas economic development is bound up inextricably with the global economy Dr Augimeri Through radical economic and political reforms introduced by President Deng in 1978 China has successfully transitioned from a planned economy to a more open price mechanism determined economy Only 13 of the economy is state owned with state enterprises falling from 78 in 1978 to 34 in 1994 Since its welcoming of global integration China has enjoyed an annual average growth rate of 10 since 1978 and is currently ranked 7th largest economy in the world Ironically China remains a developing country as its GDP per capita of 5600 remains relatively low compared to the rest of the world and more than 261 million of the population still live in absolute poverty Chinas success in the face of globalisation can be assessed in terms of their trade foreign investment financial flows the international business cycle and labour movements The prominent effects of globalisation on China are their growth in foreign trade and FDIs Globally trade has dramatically increased from US85 trillion 393 output in 1990 to US173 trillion 501 output in 2003 Chinas economy has benefited significantly through globalisation and as the manufacturer of the world China depends on its large exports for growth In 2002 China contributed 10 to global growth and 17 to global imports Chinas emphasis on trade has seen its exports increase at 17 per year on average since its integration into the global market A clear indicator of the positive effects of globalisation is
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