Globalisation In Australia
Towards the conclusion of the 1900's, enhancement of both technology and communication has lead to the massive growth in the international markets and increased trade dependency between nations. This has resulted in a swift increase in trade, flows of investment, private savings and labour across national borders. This process known as globalisation has had many significant impacts on the economic performance of China including increased international convergence, economic growth and development, whilst also contributing to environmental problems. As a result of globalisation the Chinese government has implemented various macroeconomic, fiscal and monetary strategies that aim to promote economic growth and development.
It has been argued that globalisation will result in international convergence. This is evident with China as its encouragement of globalisation has beyond doubt led to international convergence. International convergence refers to the increasing likeness of economic conditions in diverse economies during the globalisation era, in terms of living standards, and economic systems, performance and structure. Although China may still have a great inconsistency in its distribution of income and living standards, it's ongoing economic improvements such as its access to the World Trade Organisation (WTO) in 2001, reflect its evolution into more western style economic proceedings. The addition of China in the meeting of the G-7 in 2004 was reminiscent of the growing importance of China in the world economy, and represents its transition into an advanced economy. As a result of globalisation new technology is having enormous impacts on market integration, efficiency, and industrial organisation, along with its implications for the development of human capital. It results in economies of scale through boosts in efficiency and growth by spreading knowledge and reducing transaction costs for individual firms and the economy as a whole.
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