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We heard globalization being mentioned in the late 1980s, which fell very much in line with China’s open and reform policy in 1978.
In 2018, China celebrated its 40th anniversary. In 2001, the country was admitted into the WTO. At the time, China accounted for only 8% of the global market. But in 2018, according to the United Nations Industrial Development Organization, the country accounted for 25% of the world’s manufacturing by value.
In 2005, China earned the title “Factory of the World.” Over its first twenty years, China emerged as a manufacturing powerhouse with a low cost, very hardworking and highly trainable workforce, however, the ruling Communist Party uses an iron-fist to prevent the emergence of independent labor unions.