Extra credit blog: China and globalization -------HONG HAOTIAN

 Globalization is a double-edged sword for China, but overall, its benefits are evident. From an economic perspective, globalization has provided China with a historic opportunity for rapid development. Over the past decades, China has successfully transformed from a relatively closed economy to an open one by integrating into the global system. Particularly after joining the World Trade Organization (WTO), China’s trade volume grew rapidly, making it the world’s largest goods trading nation. The influx of foreign enterprises brought not only capital and advanced technologies but also improved industrial chains and optimized the labor market. Through its participation in globalization, China has gained valuable international experience, and many domestic companies have grown into globally competitive multinationals, such as Huawei, Alibaba, and Tencent. Additionally, leveraging its vast manufacturing capacity, China has become the "world's factory," playing a vital role in the global industrial division of labor by providing affordable, high-quality products. This has fueled China's rapid economic expansion.

 Globalization has also had profound impacts on Chinese society and culture. Open policies and international exchanges have broadened the horizons of Chinese citizens, giving them a more comprehensive understanding of the world. Internationalized education and exposure to diverse cultures have cultivated a large pool of talent with a global perspective, laying a foundation for China’s future development. However, globalization has also brought challenges. For instance, China faces pressure to restructure its economy during the globalization process, as many traditional industries have been affected by international competition, leading to industrial hollowing and unemployment in certain regions. An over-reliance on exports makes China vulnerable to fluctuations in global markets. Environmental issues are another major challenge. Rapid industrialization and high-intensity production for exports have led to excessive resource consumption and environmental degradation. Furthermore, cultural globalization has impacted traditional Chinese culture to some extent, posing the challenge of maintaining cultural confidence while absorbing the essence of international cultures.

 From the perspective of globalization’s impact on the world, China’s rise has also significantly influenced the process of globalization. By providing affordable goods and labor, China has helped many countries lower production costs and improve consumer welfare. As a major beneficiary of globalization, China has also become a key driver of its advancement. The Belt and Road Initiative is a prime example of this, through which China strengthens global economic ties by investing in and building infrastructure to connect Asia, Europe, and Africa. This not only fosters economic growth in developing countries but also injects new vitality into globalization. Moreover, China has played an active role in addressing global challenges such as climate change, energy security, and public health cooperation. The concept of "building a community with a shared future for mankind" reflects China’s commitment and responsibility to promoting global cooperation and development.