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The Economy of China (Globalization Effect) Essay Example for Free

 The Economy of China (Globalization Effect) EssayThe effects of globalisation on Economic growth and the quality of life in China. China holds the second largest economy in the world, measured by Purchasing Power Parity (a technique used to determine and compare the relative value of different currencies). From the late 1970’s, the Chinese economy has become more market orientated, rather than its former closed and planned political system. This change has played a major role in the development of their economy and impact of globalisation. At present, it is the world’s fastest growing major economy.    Growth rates in the Chinese economy have averaged 10% throughout the past 30 years. By utilising Chinas perfect environment for manufacturing with low minimum income levels compared to other countries, and little to no policies surrounding work place health and safety, in 2010 China became the worlds largest exporter. In 2010, 19. 8% of the world’s manufacturing output was produced by China, and Industry and Manufacturing account for 46. 8% of China’s GDP.

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