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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 worlds 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