Summary
Summary DVA1501 - Introduction To Development Studies
- Institution
- University Of South Africa (Unisa)
Critically discuss China’s impact in the global political economy and how this affects Africa’s development.
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How globalisation has affected China andrelated policy issues
The People’s Bank of China
Abstract
Globalisation is a double-edged sword, especially for EMEs. On the one
hand, globalisation has boosted national income, spurred trade and
investment and promoted the sustained and healthy development of
China’s economy. On the other hand, globalisation has also expanded
China’s domestic income gap and intensified pressure on cross-border
capital flows. As a response to these challenges, and like other EMEs,
China conducts sound macroeconomic policies and promotes structural
reforms with the aim of creating a robust macroeconomic environment.
Keywords: globalisation, China's economy, reform.
JEL classification: F60.
Implications for output, trade and investment in
China Globalisation has promoted the sustained and healthy
development of China’s economy and China has also injected new
impetus into globalisation. Especially after China’s WTO accession, the
adoption of advanced technologies and management expertise, external
competition and technological innovation have enhanced China’s total
factor productivity and economic growth. GDP expanded from USD 189
billion in 1980 to USD 12.2 trillion in 2017, accounting for 15% of global
GDP. While benefiting from globalisation, China has also contributed
significantly to global growth. Between 2012 and 2016, China contributed
over 30% to the global economic growth on an average annual basis.
Globalisation also promoted a synchronised uptick in China’s output and
the global economic cycle, but it also aggravated the impact of external
shocks, as in the Asian financial crisis in 1997 and the Great Financial
Crisis in 2007–09. The Chinese economy has been resilient to external
shocks thanks to reforms, economic opening, and new growth drivers.
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