Extra credit: China and globalization SHENZIHE

Economic growth

• It has expanded international markets, leading to a significant increase in China's exports. Many manufacturing enterprises have sold their products globally, driving the development of related industries and promoting rapid economic growth. It has also facilitated the upgrading of the industrial structure. Under the pressure of globalization competition, Chinese enterprises have continuously advanced from low-end industries to mid-to-high-end ones, such as the new energy vehicle industry, gradually moving towards an innovative and service-oriented economy.

Technological progress

• Globalization has accelerated the entry of foreign-funded enterprises into China, bringing advanced technologies and management experience. For example, in the automotive manufacturing field, Sino-foreign joint ventures have promoted the improvement of domestic automobile production technology and management level. It has also promoted Chinese enterprises to "go global", invest and acquire overseas to obtain high-tech and advanced management experience and enhance their competitiveness in the international market, like Lenovo's acquisition of IBM's personal computer business.

Employment and living standards

• The development of export-oriented industries and foreign-funded enterprises has created a large number of job opportunities. For instance, the export-oriented processing and manufacturing industries in coastal areas have absorbed a large number of labor forces, reducing the unemployment rate and increasing residents' income. With economic growth and the improvement of enterprise competitiveness, residents' income has increased, living standards have been improved, and the consumer market has been continuously upgraded, driving the development of related domestic service industries.

Cultural exchange

• It has promoted cultural exchanges and integration, enabling traditional Chinese culture to be more widely spread around the world. For example, martial arts, Peking Opera, etc. are loved overseas, enhancing the influence of Chinese culture. It has also brought opportunities for the development of the cultural industry, introducing advanced cultural industry concepts and technologies from abroad and promoting the development of China's cultural creativity, film and television production and other industries, enriching the supply of cultural products.

International cooperation and influence

• China actively participates in global economic governance and plays an increasingly important role in international organizations such as the World Trade Organization and the International Monetary Fund, promoting the establishment of a fairer and more reasonable international economic order. China's Belt and Road Initiative and other initiatives have strengthened economic cooperation and connectivity with countries along the line, enhancing its influence and voice in the international community.

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