This research paper examines the impacts of Chinese culture in the global economy. China’s effect on international trade relates to their culture in various ways. China experienced rapid growth since 2017. Their national politics fueled the increase in their roles in shaping the global economy. They engaged in Chinese cultural norms of imperial rule and bureaucratic control. It is a move to restore China’s greatness. Therefore, this comes after foreign powers took advantage of China in the 19th and 20th centuries. The cultural power of China looks towards a new era of “national rejuvenation.”
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CHINA’S IMPACT ON FOREIGN BUSINESSES
Chinese cultural norms continue to have massive effects on foreign businesses. They practice aggressive moves in entering international markets. Now, China is at odds with the United States over disagreements over trade deals. The cultural power of China is significant to every individual in China. Children learn technical tasks at a young age. Therefore, they become more competitive in terms of skills and relatability to specialized tasks. This, together with other Chinese cultural norms, ensure China stays relevant in the global economy. Foreign businesses are always looking for trade deals with China due to their ability to engage in almost all business sectors. China’s effect on international trade seems to grow further with new and existing trade deals.
IMPACTS OF CHINESE CULTURE AND THE HISTORY OF CHINA’S ECONOMIC GROWTH
When China opened up to foreign trade and investments in 1979, China’s effect on international trade grew tremendously. In 2018, the World Bank described China’s GDP growth as ‘the fastest sustained expansion by a major economy in history.’ The cultural power of China continues to influence its internal growth as well as international trade expansion. China focuses more on private consumption, services, and innovation to drive economic growth. Chinese cultural norms have a strong appeal to foreign businesses. This continues t enhance their success in the global economy. While not many foreigners have interests in Chinese cultural norms, they are what drives China into global excellence.
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