<标题> Overall the globalization could be termed as positive factor that has been contributing to the economy of the country as before the turn of 21st century the country was not much more involved in global trade and most of the trade activities were limited to the borders of the country, in addition, the country was practicing different barriers, standards and embargoes over the imports to the country that was hindering the performance of the country in terms of economic terms (BBC, 2011). However, when the WTO was established and ratified by China in December 2001, the country starts benefiting from the positives of the globalization. The country through positive engagement in the foreign trade not only realize remarkable decrease in the foreign debts and balance of trade and balance of payments, the fact is that country starts experiencing remarkable increase in the economic activities that has added to the socio-economic development of the people living in the country (Toefel, 2006). Due to globalization the country has been utilizing the idle industrial capacity and labor. The total GDP of the country is now estimated at 596 billion USD that experienced a growth of 7.5% during the year 2010. The major exports of the country are petroleum products and natural gas, soybeans, derivatives, vehicles, corn and wheat (Index Mundi, 2012). On the other hand, the major imports of the country are machinery, vehicles, chemicals and plastics (MercyCorps, 2007).