Extra credit blog: China and globalization ---GUO YING

 1. Is globalization good for China?

Globalization is a process of continuous flow and integration of resources, capital, information and technology on a global scale. As a key player in globalization, I think globalization is good for China as a whole. In economic terms, China is one of the biggest beneficiaries of globalization. Since joining the World Trade Organization (WTO) in 2001, China has rapidly integrated into the global market and become a major player in global trade. By producing cheap, high-quality goods for the global market, China has become the "factory of the world," and its total export trade has grown from less than $500 billion in 2000 to trillions of dollars in 2022, directly contributing to the economic take-off. In terms of foreign investment, globalization has allowed a large number of multinational companies to locate their manufacturing bases in China, bringing in capital, technology and management experience. For example, Apple, Tesla and other multinational companies rely on China's mature supply chain system for production and research and development. At the same time, globalization has promoted the booming development of China's manufacturing and service industries, creating jobs for hundreds of millions of workers. According to the World Bank, 800 million people have been lifted out of poverty in China since the reform and opening up, largely driven by globalization. At the level of technology introduction and innovation, the technology and management experience brought by technology foreign enterprises have helped China rapidly improve its industrial upgrading capacity. Huawei and BYD, for example, continue to absorb technology and innovate on their own by participating in global supply chains. On the other hand, globalization has promoted China's transformation from a "manufacturing power" to an "innovation power", such as in the fields of new energy, artificial intelligence and 5G communication technology, China has become a global leader. At the same time, globalization also plays an important role in promoting open and diversified development. Globalization has made Chinese society more open: through international study abroad, cooperation with multinational companies and the participation of international organizations, more Chinese people are exposed to diverse cultures, advanced ideas and global perspectives.

Problems brought about by globalization ：

But there are also problems such as economic dependence and vulnerability. In the early stage of globalization, China's economy was excessively dependent on export trade, which made China highly sensitive to external markets. Once the international market shrinks or trade frictions occur, the Chinese economy will be greatly affected. The importance of China's supply chain has become an advantage during the global pandemic, but it has also led some countries to seek to diversify their supply chains and reduce their dependence on China. The rapid development of globalization has also exacerbated the wealth gap in some parts of China. Some developed coastal areas have risen rapidly due to globalization, while inland and rural areas have lagged behind in economic development. The problem of environmental stress should also be taken seriously. While globalization promotes rapid economic growth, the problems of over-exploitation of resources and environmental pollution have become increasingly prominent. China's smog, water pollution and other problems have become a concern in the past few decades, which has become one of the negative effects of globalization. Finally, with the rise of China in globalization, its enhanced status is also accompanied by higher expectations and closer scrutiny of China by the international community. For example, the Sino-US trade war, geopolitical conflicts and doubts about the Belt and Road Initiative reflect the concerns of some countries about China's growing influence.

2. Is China good for globalization?

China's contribution to globalization has also been significant. First, in terms of global supply chains, China serves as the world's manufacturing hub, supplying global consumers with everything from electronics to everyday goods. Its efficient and complete supply chain system not only reduces the cost of global commodity production, but also improves the efficiency of commodity production. During the epidemic, China quickly resumed production and provided medical supplies, equipment and key components to the global response. China is also driving global consumption growth. With the rise of its middle class, China has become one of the main drivers of global consumption growth. Companies from around the world are scrambling to enter the Chinese market, seeing it as a core source of growth. In global industries such as electric vehicles and green energy, China is not only a producer, but also a major driver of global demand. In infrastructure and development cooperation, China has invested in infrastructure projects such as railways, roads and ports through the Belt and Road Initiative and South-South cooperation, and China has provided important economic support to many developing countries, driving the economic development of countries in Asia, Africa and Latin America and integrating them more deeply into the global trade network. China's experience and financial support provide a new model of globalization for developing countries. At the same time, China has contributed to the globalization of technology export and standard setting. China has enhanced its voice in globalization by setting new technical standards globally through technological advances such as 5G communications and new energy vehicles. Chinese companies, such as Alibaba and Huawei, are driving global digitalization and providing innovative services to more countries and regions. Finally, China has played a key role in maintaining the multilateralism and globalization order. Against the backdrop of rising protectionism and setbacks to globalization in recent years, China has demonstrated a strong commitment to globalization by supporting multilateral trade mechanisms (such as the WTO) and climate cooperation (such as the Paris Agreement).

Conclusion

In short, globalization has been a clear boon for China, helping it transform from a closed agrarian society into the world's second-largest economy, bringing economic growth, technological progress, and global influence. However, China is also facing challenges such as environmental pressure, international trade frictions and unbalanced internal and external development, and needs to strengthen its risk response capacity while deeply participating in globalization. At the same time, China's contribution to globalization is also outstanding. Whether it is a stable global supply chain, a rapidly rising consumer market, or support for developing countries and technological innovation, China is playing a key role in promoting the development of globalization. In the future, China will continue to play an important role in the adjustment and transformation of globalization, while promoting a more balanced and sustainable development path of globalization.