Answer:
- The deepening of economic globalization has been a result of rapidly increasing global trade and investment flows. The global relocation of production networks by multinational companies and China’s role as a global manufacturing hub had led to dramatic change of direction for trade and investment flows.
The expansion in global trade was characterized by three important trends: the rise of emerging market economies (EMEs) as systemically important trading partners; the growing importance of regional trade; and the shift of higher-technology exports toward dynamic EMEs.