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China's Economic Growth and Innovation in Globalization
Abstract
The purpose of this chapter is to investigate the potential long-term effects of contemporary globalization on the Chinese economy and innovation in an era of global hypercompetition. Globalization today is basically accepted as the process that removes geographical boundaries and enables the economic integration and interdependence of national economies into the international economy through trade, foreign direct investment, migration, and capital flows. Since productivity remains the critical determinant of long-term national growth and prosperity, the effects of today's globalism on productivity demands the need for business organizations in particular to sustain a competitive advantage and to remain profitable over time. Based on an integrative literature review, this chapter explores why China must continue to develop its innovation capabilities as well as to provide opportunities for foreign businesses over the long-term via responsible economic development that also benefits the nation's domestic population.
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