Please help me write a conclusion paragraph Introduction The economy is changing rapidly, and globalization has become b

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Please help me write a conclusion paragraph
Introduction
The economy is changing rapidly, and globalization has become
big over the years and will just continue to grow. Globalization is
the process by which ideas, knowledge, information, goods and
services spread around the world. In business, the term is used in
an economic context to describe integrated economies marked by free
trade, the free flow of capital among countries and easy access to
foreign resources, including labor markets, to maximize
returns and benefit for the common good (Ben Lutkevich, 2007).
China may emerge as the world's largest economy by 2020. This would
lead to rebalancing the rate of consumption by China as well as
spur in the growth rate of GDP. This would lead to transform China
from a low-cost export-driven manufacturing economy to an economy
that would bring about value-addition in manufacturing. If China
were to become the world’s largest economy, there are things that
would be affected and this include but are not limited to, the
world trading system, monetary system, business strategies, and the
global commodity prices.
World Trading System
The term ‘world trading system’ refers to the various
contemporary arrangements of trading relations between countries,
and particularly the system of multilateral rules following two
great wars and a worldwide economic depression. It deals with the
main purpose of the general agreement on tariffs and trade (GATT)
to establish a legal mechanism for tariff negotiations, and to
provide rules that would deter countries from reinstating
protectionism through non-tariff means (Winham,
2009). There is a substantial impact on the global
trading system would be expected if China becomes the world's
largest economy by 2020. To influence other countries in the trade
system, China may either use its economic might to exert influence
or choose to withdraw from the system entirely. These reasons
include, the rise of global trade, the expansion of multinational
firms, the proliferation of technology and information, and the
expanding importance of international financial institutions, are
contributing to the globalization of the world economy. These
reasons are driving major nations toward a more interconnected
global economy.
If current trends continue, China may become the greatest
economy in the world by 2020. This event would significantly affect
the global trade system. China's economic strength would allow it
to exercise a tremendous deal of influence on other countries in
the system. China could even choose to withdraw totally from the
system. This fact would have a huge impact on the global trading
system and could lead to its collapse. China's emergence as the
world's largest economy by 2020 would have far-reaching effects on
the international commercial system.
Numerous reasons, including the rise of global trade, the
expansion of multinational firms, the proliferation of technology
and information, and the expanding importance of international
financial institutions, are contributing to the globalization of
the world economy. These reasons are driving nations toward a more
interconnected world economy. If current trends continue, China may
become the greatest economy in the world by 2020. This would
significantly affect the global trade system. China's economic
strength would allow it to exercise a tremendous deal of influence
on other countries in the system. China could even choose to
withdraw totally from the system. This issue would have a
significant impact on the global trading system and could lead to
its collapse. China's emergence as the world's largest economy by
2020 would have far-reaching effects on the international
commercial system.
Monetary System
There is a possibility that this might have a major impact on
global monetary policy should China become the world's largest
economy by 2020. The effects on global trade and the economy would
be significant. If the Renminbi were to take over as the reserve
currency of the world, it would mean that governments throughout
the world would begin to store large amounts of Renminbi in their
reserves and use the currency in their transactions with other
nations. This would grant China a significant amount of control
over the economy of the entire world. The Renminbi becoming the
world's reserve currency would also have a major impact on global
trade.
Nowadays, most international trade is conducted in US dollars.
If the Renminbi were to replace the dollar as the world's reserve
currency, it would mean that Chinese goods would become much
cheaper for other countries to buy, as they would no longer need to
convert their currency into dollars first. This could lead to a
significant increase in Chinese exports, and a corresponding
decrease in the trade deficit. If the Renminbi became the world's
reserve currency, it would have ramifications for the US economy.
The US dollar is currently the world's reserve currency, giving it
significant economic clout. If the Renminbi replaces the dollar,
the United States will no longer be able to exert as much control
over the global economy. Once China surpasses the United States as
world's largest economy by 2020, the Renminbi's value will climb,
and it might become the world's reserve currency. Trade and the
economy could be severely affected by this.
Business strategy
Companies would need to reconsider their marketing, pricing, and
distribution strategies to account for the fact that China would be
the largest consumer market in the world. They would also need to
be aware of the Chinese government's policies and regulations
regarding foreign companies doing business in China. The world
economy is getting bigger and bigger. Think about the main forces
of globalization and how they seem to be pushing big countries
toward a more tightly integrated global economy. If things keep
going the way they are, China could have the biggest economy in the
world by 2020. Talk about what this trend might mean for the
business strategies of global companies based in the US and Europe
right now. The growth of international trade and investment, the
improvement of communication and transportation technology, and the
rise of multinational corporations are all driving forces behind
the globalization of the world economy. Nation-states are finding
it harder to keep their economic independence because of these
trends, which are also making the global economy more
connected.
When China becomes the biggest economy in the world by 2020, as
most people expect, this will have a big impact on how
multinational businesses in the US and Europe run their businesses
now. To take into account the fact that China will be the biggest
consumer market in the world, these businesses would need to change
how they market, price, and ship their products. They would also
need to know how the Chinese government's rules and policies affect
international companies doing business in China. If China became an
economic superpower, it would also affect US and European politics
and security. As China's economic power grows, it is likely to
start having more of an impact on the world stage. This could make
the US and Europe less important than they are now.
Global Commodity
One of the most major potential consequences of China becoming
the world's largest economy by 2020 could be a rise in global
commodity prices. As China's economy continues to expand and its
demand for commodities rises, it is likely that prices for these
goods will climb. This might have a rippling effect on the global
economy, as other nations will have to pay more for the commodities
they require. This could result in inflation and other economic
issues. Increased rivalry for resources is a potential consequence
of China's ascent to the summit of the global economic hierarchy.
As the country continues to grow and develop, its demand for raw
materials and other resources will increase. This could result in
conflict with other nations vying for the same resources.
Lastly, China's rise to the position of world's largest economy
could have significant effects on international trade. The nation
is already a big player on the international trade market, and as
its economy continues to expand, its influence is certain to grow.
This could result in China adopting more protectionist trade
policies in an effort to shield its domestic industry from global
competition. China becoming the greatest economy in the world by
2020 has various and far-reaching repercussions. It is impossible
to forecast precisely how the country's rise would impact the
global economy, but it is evident that it will have a substantial
effect