China represents both threat an also opportunities in global business. The global competition among countries are very well guided by China. The country supplied cheap product and low priced products all over the globe and capture global market.

If a country adopt protectionism aganist Chinese dumping, for example U.S imposed restrictions for Chinese product.

The possible economic consequence of imposing higher tariff on Chinese producrs leads to lowering of import. But it can create shortage of low priced and cheap products in the economy. The price may rise and even peoples feel an inflationary pressure. If the Chinese products can be completely substituted by domestic product, the economies can able to reduce defict.

Collectivism and market economy are different in overall operations. The collectivism favours group ownership or state owner with due importance to central planning. The finite version of collectivism can be seen in communism and socialism. In market economy, individuals and humans are the centre of economic activities. The more free trade and liberal values enhance economic growth whereas collectivism stood for community preferences. More private entrepreneurs and private ownership are motivated in market economy. Collectivism didnt support private property and growth potential of private entrepreneurship.