The economic part of globalization is the key because with the whole world becoming a kind of global village, barriers between the countries are broken with integration happening mainly in the economic aspects. So, Globalisation has made an impact and developing majority of the countries all over the world including China. That is, countries like China are following many ‘globalisation friendly’ policies, thereby developing themselves, and to show they are developing, they, in turn, are impacting other countries through that development.
When one closely looks at the annals of many countries, it will be clear that for a nation to develop and reach the top echelons, particularly in the aspect of giving its people the needed facilities and also to achieve superiority over other nations, its economy should be very strong and still growing. This economic strength will elevate the country in other aspects of military strength, space power, sports, etc, etc, thereby impacting other countries. As any country’s economy cannot exist like an island insulated from any impacts, its growth or lack of growth will surely have an impact on many countries both in the positive as well as in the negative direction. So, this paper will examine how China has developed optimally through ‘globalisation friendly’ policies, and how that development is visible in the way the Chinese economy and its people have developed, and also how this development of China is turning out to be an economic challenge to the United States and Europe.
For a long time, China mainly depended on agriculture for its economic generation as well as for the livelihood of its people. However, after the onset of globalization, China started to focus on industrial growth.