growth, joining the WTO also leads to high unemployment and structural changes in domestic industries. China also needs to follow trade rules set by the WTO, including intellectual property rights, which China has broken the law in the past. This strategy has both negative and positive consequences, but ultimately China has benefited more than suffered.
In 2001, China joined the World Trade Organization in response to the globalisation trend and reduced its trade barriers, opening up to foreign investments and international trade. This was beneficial to the economy as it further brought major beneficial changes in its economy such as having access to the world market, attracting foreign investment, adopting new ways of management and the access of new technologies.
Additionally, to further contribute to their high economic growth levels, China introduced a 5-year economic program in 2010 to build socialised harmonised countries in order to balance the wealth distribution, improve education, Medicare and social security. This has already began to increase China’s level of GDP by 45% and their Human Development Index (HDI) has risen by 0.3 in the past 40 years.

However, recent trends show that despite the improvements in economic growth and development in China, in recent decades, the richest 10% of the Chinese population (mostly living in coastal cities) owns 45% of the nation’s wealth, while the poorest 10% own only 1.4% of it. The coastal cities benefit more from globalisation because of its closeness to the rest of the world. This uneven distribution of income shows that the improvements in the quality of life are not equally shared
Through its acceptance of globalisation, China has been able to maintain consistently high growth, which has allowed for improvements in social development. Average income levels have increased from $300 to $5000 since 1979, leading to improvements in the quality of life for China’s citizens. HDI also increased from 0.400 in 1980 to 0.687 in 2012, as economic growth made funds available for the provision of services such as health infrastructure and education, significantly improving the quality of life in the country. This growth has also brought about poverty alleviation, with the population below the poverty line decreasing from 81% in 1981 to 8% in 2012.
Additionally, globalisation encourages an emerging economy such as China to improve its social standards towards those of developed nation, through the spread of educational and medical technology. For example China recently overhauled its healthcare through the New Rural Co-operative Medical Care System, a universal healthcare system which has reduced the annual cost to ¥50 per person. The spread of TNCs and increased FDI has also led to increases in the rights of workers, as foreign nationals have maintained their own high standards of working conditions. This has encouraged the introduction of unemployment insurance, maternity benefits, and a new minimum wage in 2013, making China a more socially developed society. However, China still faces significant barriers to becoming an equitable society. The wealth generated from globalisation has been unequally distributed, with the country’s Gini coefficient deteriorating from 29% to 45% since the economic reforms of the 1970s. This suggests China’s strategies to promote globalisation have been somewhat inefficient, as their desire to stimulate growth has increased inequality.
Chinese exports declined by 3.7 percent year-on-year to USD205.56 billion in September, less than expected, compared to a 5.5 percent fall in the previous month. Exports in China averaged 535.14 USD Hundred Million from 1983 until 2015, reaching an all time high of 2275.13 USD Hundred Million in December of 2014 and a record low of 13 USD Hundred Million in January of 1984. Exports in China is reported by the General Administration of Customs.
Export growth has been a major component supporting China's rapid economic expansion. Exports of goods and services constitute 30% of GDP. China major exports are: electromechanical products (57 percent of total exports) and labor-intensive products like clothing, textiles, footwear, furniture, plastic products, bags and toys (20 percent). In recent years, the exports of high tech products have been also growing and in 2012 accounted for 29 percent of total exports. China’s main export partners are the United States (17 percent), European Union (16 percent), ASEAN (10 percent), Japan (7 percent) and South Korea.

Levels of Unemployment
An extensive strategy by the Chinese government to reduce unemployment was implemented in 1978 and has been in place until recently. Reforming the agricultural system was a successful strategy as the agriculture industries not only promoted high economic growth but there was a high rural growth, employment and wealth and income levels. As a result, China has generated approximately 50 million jobs annually, leading them to becoming the second largest goods trading nation in the world after the USA in 2010.
Unemployment Rate in China decreased to 4.04 percent in the second quarter of 2015 from 4.10 percent in the first quarter of 2015. Unemployment Rate in China averaged 4.13 percent from 2002 until 2015, reaching an all time high of 4.30 percent in the fourth quarter of 2003 and a record low of 3.90 percent in the third quarter of 2002. Unemployment Rate in China is reported by the Ministry of Human Resources and Social Security of the PRC.

Rates of Inflation
China's annual inflation rate was recorded at 1.6 percent in September of 2015, down from 2.0 percent in the previous month and below market forecasts. The politically sensitive food prices increased by 2.7 percent while non-food cost rose at a slower 1.0 percent. Inflation Rate in China averaged 5.56 percent from 1986 until 2015, reaching an all time high of 28.40 percent in February of 1989 and a record low of -2.20 percent in April of 1999. Inflation Rate in China is reported by the National Bureau of Statistics of China.

In 2005, China abandoned its peg fixed exchange rate against the US and moved towards a managed peg against its trade index. The RMB is often said to be undervalued to give Chinese exports and import substitutes more internationally competitive, as the flexible prices across economies assisted the People’s Bank of China in controlling monetary conditions and inflation. This has been a successful policy because it kept balanced exchange rates. It made the Chinese Yuan more flexible over time, allowing for a healthier financial system and stable economy.
The first strategy targeting the economic development and living standards of China was the “Great Leap Forward” which was introduced in the 1950s, when China was still a communist country. The aim was to ensure that every individual of the population was equal in their income. However this lead to a ‘stagnation’ where China had high inflation, high famine levels and low economic growth as the government only relied on the agriculture industry to provide the rest of the nation with food.

External Stability
An aim of government policy that seeks to promote sustainability on external accounts so that Australia can service its foreign liabilities in the medium to long run and avoid currency volatility External stability also involves maintaining the Cad and ensuring it does not rise to unsustainable levels If Australia is externally unstable, this will have grave consequences for our economy. It can cause a depreciation of our currency, withdrawal of overseas investments and slower growth or recession This was the case in the 1980’s; where a high CAD, high foreign debt and falling dollar led to a slowdown in our growth rates
The exchange rate has a significant impact on our external stability, as all of our trade and financial flows require the use of AUD Speculative trade has made our dollar relatively volatile
ER’s can have significant impacts on our external stability, as it affects the balance of payments. Since the price of the dollar effects the servicing costs on our foreign loans, it can severely influence our external stability Thus as our dollar is volatile, this means that one of the most important indicators of our external stability, the balance of payments, will also be vulnerable This vulnerability can adversely affect foreign investor confidence in Australia which can undermine our growth Furthermore, if investor confidence is low, this will lead to a mass exodus of foreign liabilities in Australia, further reducing our ER
Net foreign liabilities Reflect the total obligations of Australians to foreigners minus the total obligations of foreigners to Australia Net foreign debt Is the total stock of loans owed by Australians to foreigners minus the total stock of loans owed by foreigners to Australians. Net foreign equity Is the total value of assets in land, shares and companies in foreign ownership minus the total of overseas assets owned by Australians Debt servicing ratio Debt servicing ratio Is the proportion of export revenue used to make repayments on foreign debt and is a common measure of the sustainability of Australia's debt level. A country is better able to service its debt if it has a high volume of exports, thereby earning more foreign currency
CURRENT ACCOUNT DEFICIT CAD
A measurement of a country’s trade in which the value of goods and services it imports exceeds the value of goods and services it exports. The current account also includes net income, such as interest and dividends, as well as transfers, such as foreign aid, though these components tend to make up a smaller percentage of the current account thanexports and imports. The current account is a calculation of a country’s foreign transactions, and along with the capital account is a component of a country’s balance of payment.

China recorded a Current Account surplus of 766 USD Hundred Million in the second quarter of 2015. Current Account in China averaged 405.68 USD Hundred Million from 1998 until 2015, reaching an all time high of 1522 USD Hundred Million in the first quarter of 2015 and a record low of -8.96 USD Hundred Million in the second quarter of 2001. Current Account in China is reported by the State Administration of Foreign Exchange, China.
A positive difference between a nation’s savings and investment. A current account surplus indicates that a nation is a net lender to the rest of the world, in contrast to a current account deficit, which indicates that it is a net borrower. The current account is the sum of the trade balance (exports less imports), net income from abroad and net current transfers; as the trade balance is generally the largest of these components, a current account surplus usually implies that the nation is a large exporter and has a positive trade balance. A current account surplus increases a nation’s net assets by the amount of the surplus.