China is said to be the next economic super power. Many guru economists such as Lawrence Summers predict that in the opening decades of the 21st century, china will match the US and Japanese economies. China currently ranks seventh strongest economy on a global scale. China's economic success has not been confined to raw economic growth, especially with a huge trade surplus of over 40 billion according to world guide from 1998. China has an annual per capita Gross Domestic Product (GDP) of $750. China has shown amazing growth averaging 10 per cent per year and shows no slowing down because of globalisation. Today China would have to be the most alluring country, ever since November 1999 when the country began talks with the US. The international c

Globalisation has clearly given China's people a much-improved lifestyle. In 1978 250 million Chinese lived in absolute poverty and this amazing dropped to around 20 million now because of globalisation. Also GNP has increased from 80 Renminbi during the 1950's to 4000 Renminbi and nearly every household now owns a television. Living space has grown dramatically in both urban and rural areas, with urban soaring from 3.6 square metres before globalisation to 8.8 square metres due to globalisation with rural areas living space per capita rose from 8.1 square metres to 22.46. China's people's health has also improved dramatically with life expectancy increasing from 39 years during the 1950's to 71 today, which is higher even than the world average of 64 years. Furthermore education and health care is improving constantly as in 1949 80% of adults were illiterate and there were only 3000 medical institutions for a population of over 500 million where as now only 6% of adults are illiterate and 310 000 medical institutions. Globalisation has clearly improved enormously the welfare of China's people.

China's economy faces massive infrastructure problems, such as insufficient telephones, inadequate transport, energy shortages, poorly developed schools and hospitals and much more. These problems are a universal consequence being faced due to Asian-speed economic takeoffs by Asian countries. Unlike inflation and state enterprise problems, infrastructure inconveniences are crises of success. China is still developing its legal infrastructure such as commercial laws and regulations that protect private property rights, investors and creditors. This emphasizes a market economy and shows China's ever integration to a global market. Also environmental problems have occurred due to globalisation with water, air and noise pollution increasing dramatically mainly in urban areas. An example of an environmental problem is how the use of chemical pesticides and fertilizers soared by farmers soared, which began to approach dangerous levels, hence laws are needed to protect the environment. Globalisation has also created enormous opportunities for corruption, misunderstanding, confusion and delay. Laws need to be clear and enforced to help prevent these problems.

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Approximate Word count = 1952
Approximate Pages = 8 (250 words per page double spaced)