From Asia Times:
Like two sides of a coin, China may have gained a lot from its accession to the World Trade Organization (WTO) over the past five years, but at the same time it has lost a great deal. The rich have become richer and the poor poorer, with Chinese farmers and laborers bearing great hardships caused by globalization.
China’s economy is arguably benefiting from globalization and its five years of WTO membership. It is expected that the country’s exports by value this year will triple those five years ago. Over the past five years, China’s gross domestic product (GDP) has grown at an average annual rate higher than 9%, with its economy jumping from world’s sixth-largest to the fourth-largest by GDP in terms of the US dollar at the current exchange rate.[Full Text]
