by Xinhua writer Liu Chang Zhu Junqing
BEIJING, Jan. 17 (Xinhua) -- Globalization has come under heavy fire in some Western countries for widening income gap and increasing social inequality. But
those who chant protests against globalization are mistaken, if not entirely.
Like everything else, globalization is neither perfect nor omnipotent.
Since 1980s when globalization was on the rise, emerging economies has witnessed rapid growth, leading to narrowing income gaps among different
countries. While in Western countries, the gap has been widened between high
income earners and medium and low-income groups.
To a certain extent, globalization has favored financial elites, business tycoons, and global multinationals, and trickled down the very limited remaining
benefits to low-wage and unskilled workers in the West as well as in the
under-developed economies.
This, however, is not the whole picture of globalization.
Since World War II, globalization has shrunk trade barriers, facilitated investment, opened up markets worldwide for flow of goods and services, produced
unparalleled prosperity in human history, and promoted international cooperation
and peace.
As far back as almost 10 years ago, the International Monetary Foundation (IMF) noted that technology is a driving force in inequality, as it increases
the premium on skills and substitutes for relatively low-skill inputs.
This is proved by what is exactly happening in the United States, where angry blue collar workers in the Midwestern states, mistakenly blaming closer economic
ties with the rest of the world for their miseries, have helped elect a new
president who has made quite a few remarks against the current global trading
system.
Moreover, slower growth in major countries itself could be a main factor to hinder income growth of middle class, resulting in an increasing widening of
income.
Also, nations worldwide should know that domestic income policies and tax systems play even more crucial roles than globalization in determining the gaps
between the rich and the poor. They should seriously review the existing
arrangements and make them more just and rational.
As U.S. economist and Nobel laureate Joseph Stiglitz said, the existing discontent about globalization reflects the existence of problems in how to
manage and control the globalization process, instead of globalization itself.
Therefore, given its many upsides, globalization needs to be ameliorated rather than abandoned.
On one hand, countries need to repair their economic structural flaws and enhance their governance capability. On the other hand, from long-term
perspective, global economic governance is in urgent need to be improved into a
new inclusive international economic order, where advanced economies will not
plunder resources from under-developed countries and squeeze out their
development.
Ironically, when the Western powers began to colonize the Asian and African continents as early as the 15th century to extract raw materials and pour
industrial products of mass production back into the markets they forced open,
they probably never thought that there would be a day when they advocate
quitting the global trading network they have worked over these centuries to
fabricate.
Today, the international community is not only struggling to rehabilitate a wounded global economy, but also trying to cope with conflicting comprehensions
about a historic process that has largely shaped the current global economic
landscape.
While nations are debating for their new consensus, they should at least first agree to reject the notion of dropping globalization and upholding the
flag of isolationism.
BEIJING Men's ECCO Yucatan Sandals WILD DOVE TITANIUM BLACK UK Outlet , Aug. 3 (Xinhua) -- China's service sector growth cooled slightly in July but remained
in expansionary territory, a private survey showed Thursday.
The Caixin General Services Purchasing Managers' Index (PMI) fell to 51.5 in July from June's 51.6 Men's ECCO Irving Fisherman Sandals BLACK UK Outlet , according to the survey conducted by financial information service provider Markit and sponsored
by Caixin Media Co. Ltd.
A reading above 50 indicates expansion, while a reading below 50 represents contraction.
This came after an official survey showed China's non-manufacturing sector expanded at a slightly slower pace Men's ECCO Intrinsic Black Sandals UK Outlet , as the index for the service sector stood at 53.1 in July, down from 53.8 in June.
The official survey samples 4 Men's ECCO Yucatan TARMAC Sandals UK Outlet ,000 relatively large non-manufacturing companies, while the Caixin survey has a smaller sample size
of over 400 companies and mainly focuses on small and medium-sized firms.
Caixin said that activity in China's service sector softened in July as growth in new business weakened and hiring was sluggish.
The subindex of new orders fell for a second month Men's ECCO Yucatan Sandals BLACK MOLE BLACK UK Outlet , edging down to 51.8 after a large drop to 51.9 in June from 53.5 the previous month. July's
number was the lowest reading since February 2016.
Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group Men's ECCO Yucatan Sandals BISON Black UK Outlet , a subsidiary of Caixin Insight Group, said that growth momentum in the world's second-largest economy
was "stronger than expected" at the start of the third quarter "mainly due to
sustained recovery in the manufacturing sector."
However Men's ECCO Yucatan Sandals TARMAC MOON ROCK UK Outlet , "downward pressure on the economy remains as the index gauging companies' confidence about
the 12-month business outlook dropped in both the manufacturing and service
industries," he said.
The service sector -- which includes finance Men's ECCO Yucatan Sandals ESPRESSO COCOA BROWN BLACK UK Outlet , real estate services and marketing, transport and retail -- has become an
increasingly important part of the Chinese economy as the country tries to shift
its economy toward a growth model that draws strength from
consumption Men's ECCO Chander Classic Fisherman Sandals BLACK UK Outlet , services, and innovation.
The sector accounted for more than half of the Chinese economy last year.
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