Economics Hsc China Essay - 641 Words

For an economy other than Australia, explain how government development strategies have responded to the process of globalisation. Globalisation refers to the process of increased integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity. Since 1978, the Chinese â€Å"tiger† economy has embarked on a process of social and economic reform designed to improve the quality of life of the population and open the economy to global integration. These strategies designed to promote economic growth and development include the Five Year Plan, FDI and trade policy, microeconomic reforms, welfare policy, environmental policies and macroeconomic policies.†¦show more content†¦It is this that has sparked China’s vulnerability to external shocks. In 2011, China’s exports amassed almost $2 trillion, however in Feb 2012, China recorded a $31.5 billion trade deficit as a result of the European sovereign debt crisis in which China’s main trading partners plunged into recession. China’s severe BO GS decrease is an attempt to control growth and a sustained level of 7.5%. Investment policies are also critical for China to achieve economic growth and development. Foreign Direct Investment (FDI) in China is being sought primarily in the redesign of State Owned Enterprises (SOE’s) and in the development of interior provinces. Between 75-80% of World Bank loans to China in 2008 were directed to the central and western regions, the most economically disadvantaged. This promotes increased wealth within China, leading to higher levels of development due to a more positive Human Development Index (HDI), which currently sits at 0.687, up from 0.677 in 2010. Thus, trade and investment are critical factors in ensuring that China’s growth remains sustained at 7.5% whilst still encouraging increases in development. Microeconomic reforms serve to make the chinese economy more responsive, productive and competitive in a global economic environment, ensuring growth and development. There is a need to upgrade chinese industry and limit development in capital intensive industries, and seek high value addedShow MoreRelatedChinas Fast Entry into the Fashion World after the 20th Century1825 Words   |  7 Pageschallenges in China such as cultural, political, economic, and social. The social changes increased its push after the 1911 revolution which caused in the passing of the Qing Empire. Social improvement led to amendment in dress codes as well. The head shaving and queue (long plait) men had been compulsory to wear, to validate their subservience, gradually vanished. The practice of foot compulsory also decreased. Dr Sun Yat-sen (Sun Zhongshan) was a Provisional President of the Republic of China. He is aRead MoreComparative Study of Pakistan Chinese Cultures13385 Words   |  54 Pagesand provinces. Important components of Chinese penetrates in every aspect of the life of the local people. The diversity of ethnic groups with medicine and craftworks raise an aspiration and pursuit worldwide. The over 5,000 years history endows China with a profound culture, which Chinese culture is one of the worlds oldest. The area in which the culture is interesting folk customs and traditions infuses different vigor to the development of this nation. Some of the cultural heritage like theRead MoreThe Impacts of Mncs in the Economy of Bangladesh14643 Words   |  59 Pagesother prospects. Manipulation of markets has been back to the fold due to the upper hand of MNCs 1.2 OBJECTIVES OF THE STUDY The specific objectives of our seminar paper are follows- †¢ The ultimate goal of this seminar paper is find out the economic contribution and social responsibility of MNCs towards the people of Bangladesh. †¢ Drowning the situation of MNC in Bangladesh. †¢ Possibilities and constraints of MNCs †¢ To find out the future potentiality of MNCs in Bangladesh. †¢ Their obligationsRead MoreContemporary Issues in Management Accounting211377 Words   |  846 Pagesilluminate practice and to provide ways of improving it. Although always appealing to his economic understandings, he has been open to a wide variety of other ideas, recognizing their intellectual strengths and capabilities rather than making artificial distinctions between what is acceptable and what is not. He also has contributed widely to the accounting literature, taking forward the British tradition of economic theorizing in financial accounting as well as being a constant source of creative thinking