Each of the economic globalisation graph and social globalisation graph is further composed of factor graphs. The next figure presents the globalisation index graphs for China including the graph for factors which influence the economic and social globalisation.
The political globalisation has seen gradual increase from 1970 to 1980, which is followed by steady increase during early 1990's. From the late 1990's the impact of political globalisation has seen some changes. The "reforms and openness" policy of China is evident in the graph which starts from 2000 onwards.
The impact of this increased political globalisation has resulted in economic as well as social globalisation. On economic level, the actual trade, direct foreign investment, and income payments to foreign nationals increased. Apart from these restriction factors including hidden import barriers, mean tariff rate and tariff on international trade has also seen positive changes.
The impact of increased globalisation is attributed to the increased economic success of China. The following graph presents the increasing gross domestic product (GDP) rate of China from 1978 through to 2004. Although this official GDP data has been challenged by certain critics for its accuracy, nonetheless it provides an overall picture depicting positive impact of globalisation process. Furthermore this successful growth provides a binding precedent for other developing countries to adopt the globalisation process.
3.4 Conclusion
Globalisation is the reality of twenty first century and no country can progress ahead by living in isolation. Asian countries are no exception and are on the way of progress due to the adoption of globalisation process. The China's policy of "openness and reforms" is bearing the result in the form of higher economic growth, increase in the living standard of people and better international ties. Although the implementation of globalisation in China has resulted in several difficult adjustments, overall the experience is positive both internally and externally.
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