Bribery and Corruption in China's Construction Industry Essay

Bribery and Corruption in China's Construction Industry - Essay Example In the end, the approach proposed in this paper may hopefully provide a new understanding of bribery and corruption in the Chinese construction industry. The contemporary world’s experience of globalisation is a unique phenomenon known only in the last fifty years (Soros, 2002). Globalisation has opened the doors of the global market, which has paved the way for countries across the globe to redefine their national and international trading relations. In this regard, China’s response to the demands and challenges of globalisation has stirred worldwide interest as China’s economic growth in the past twenty years have been considered as remarkable and even to some â€Å"miraculous† (Sachs & Woo 1993). Studies have shown that the fast phase economic growth of China in the past twenty years can be attributed to the coming together of multi-factors that creates the proper ambiance and environment for economic progress and development (Haddad, 2007). However, it is undeniable that China’s economic policy of opening its door to international trade is appreciated as one the strongest and clearly perceptible decisive impetus that drives and hastens China’s economic growth. (Yao 2006; Chen & Feng 2000; Fukasaka ,Soligna, & Lecomte 1996; Liu et al 2002). And in the context of China’s rapid economic progress, the contribution of one industry is undeniable – the construction industry. China’s construction industry plays a pivotal role in the China’s economic progress. The construction industry in China is worth US $ 93 billion, it employs nearly 24 million people (more than 5%of the total labour force); it accounts for more than 6% of the GDP, and has been growing at an average rate of nearly 10%since 1979 (Daud & Zong, 2005). Being such, the high performance of China’s construction industry makes the industry one of the most successful and lucrative