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Although China may still have a great inconsistency in its distribution of income and living standards, it's ongoing economic improvements such as its access to the World Trade Organisation (WTO) in 2001, reflect its evolution into more western style economic proceedings. The addition of China in the meeting of the G-7 in 2004 was reminiscent of the growing importance of China in the world economy, and represents its transition into an advanced economy. As a result of globalisation new technology is having enormous impacts on market integration, efficiency, and industrial organisation, along with its implications for the development of human capital...
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