Explain in detail its ‘emergence’ on both fronts, and how the international community can best deal with the giant.

Option 1:
One of the critical features of Globalization is the breadth and speed of the global economy. In this regard, explain how international trade liberalization has impacted and expanded the global economy. (Cite key statistics and trends)
Option 2:
Between its national economic reforms back in the late ’70s and the process of globalization, China has emerged as a global economic and political power. Explain in detail its ‘emergence’ on both fronts, and how the international community can best deal with the giant.