Globalization and World Trade Organization Essay Example

pro-globalization, anti-globalization, and reformist perspectives. Specifically for China, there is a group advocating for globalization due to the country's economic strength in the global market and increasing global recognition. Lin Yifu, an economics professor at the University of Beijing, is aligned with this viewpoint.

When it comes to globalization in China, there are two opposing factions. The first faction consists of pro-globalists who have an open-minded approach and acknowledge the risks and opportunities that come with globalization. In contrast, the second faction, known as anti-globalists, holds a contrasting viewpoint where they oppose globalization and concentrate on its negative aspects concerning integration with foreign countries.

China's domestic market is fully accessible to these states, but in the global market, fruits and cereals are often cheaper than they are in China. However, when exporters of these products come into China, it endangers the livelihoods of the country's agricultural workers who depend on farming. Anti-globalists also highlight incidents of terrorism caused by cross-border criminal activities and an increase in weapon distribution. Recent events have reinforced these arguments against globalization. The devastating impacts of events like 9/11 on one of the wealthiest economic centers in the world were a consequence of cross-border criminal activities and surveillance.

Anti-globalists come from various backgrounds and resist globalization in different ways within their respective fields. For example, linguists worldwide discuss language extinction and the dominant role of English as a global language, which leads to the demise of many regional languages. In brief,

Opponents of globalization view it as a harmful trap that will have negative effects on domestic industries, agribusiness, and service sectors. However, proponents of a progressive approach have a more balanced viewpoint on globalization.

Despite

recognizing the short-term challenges that globalization poses for China, they have a generally positive outlook on it. They acknowledge the long-term benefits of globalization and emphasize the importance of not overlooking its short-term difficulties.

Globalization has led to both fiscal benefits and challenges. On one hand, it has resulted in increased financial gains and growth of domestic industries through competition with foreign companies. It has also contributed to enhancing China's compatibility with the global community. On the other hand, there are concerns about rising unemployment due to declining industries facing foreign competition. Additionally, globalization has widened the gap between social classes by further marginalizing farmers and similar groups of people to a lower societal status.

"China's accession to the World Trade Organization (WTO) in 2001 is widely considered as the crucial element driving its swift ascent in the global economic sphere," states David Dollar, an expert in economics. He further notes that this perspective is reinforced by market analysts and financial specialists worldwide who highlight China's substantial growth subsequent to joining the WTO.

The World Bank's state manager for China emphasizes the significant economic progress that China has achieved since joining the WTO in December 2001. With an average annual growth rate of 29 percent in exports, China has emerged as the sixth largest economy worldwide, despite its massive population.

China's trade rate significantly rose after becoming a member of the World Trade Organization

(WTO), reaching 72% in 2006 compared to 44%. Before joining the WTO, China was among the 23 countries participating in the General Agreement on Tariffs and Trade (GATT). However, to become a member, China had to make concessions regarding certain WTO policies that appeared incompatible with its economic system.

Gregory C. Chow of Princeton University emphasizes three crucial conditions for China: raising import duty rates, actively engaging in free trade by permitting direct sales by foreign companies in the domestic market, and enhancing telecommunication and finance industries to foster competition.

Despite analysts' predictions, China's entry into the WTO did not impact its macroeconomic and microeconomic systems. The overall results were positive and offset any possible disadvantages. While exports increased significantly, there is no apparent threat to China's economy from the growth of imports. Moreover, China's WTO membership extends beyond economic expansion; Wayne M. suggests it serves as a means to achieve diverse national objectives.

Morrison states that China saw an opportunity to exert significant influence over the trade regulations of the World Trade Organization (WTO), which would allow it to establish economic dominance. In the present prosperous business and financial environment, many view economic stability as a crucial gauge of a nation's overall power.

The increasing economic power of China suggests that it has both financial stability and the potential to become a future superpower. Morrison also argues that one important reason for China's membership in the World Trade Organization is to retain its status as the Most Favored Nation and develop stable trade relations. Although the World Trade Organization has a policy of equal treatment for all countries, larger nations with their strong presence tend to receive greater

advantages compared to less developed countries. Previously,

The celebratory nature of these privileges was predominantly experienced in the U.S. The influence of China's WTO ranking on its banking industry is overwhelmingly evident as not a single institution in the country has been left untouched. After approximately seven years of WTO membership, business people are now encountering the effects of free trade.

China's fiscal sector has opened up to foreign banks, bringing advanced management mechanisms and services to customers, according to Wang Zhaoxing of the China Banking Regulatory Commission. He believes that competition and strategic investors will drive innovation and improve the industry.

The article examines the trajectory and profitability of domestic banks in China, particularly regarding the participation of foreign banks. Notably, leading Chinese banks including Bank of China, China Construction Bank, and Industrial and Commercial Bank of China have emerged as major contenders in the global banking sector. Nonetheless, smaller banks perceive their presence as a possible menace.

Both ways, acquiring better services would be extremely favorable for a Chinese client.