Economic globalization has brought three consequences.

Economic globalization has brought three consequences: homogenization of trade, homogenization of price competition and homogenization of people's needs.

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The term "economic globalization" was first put forward by T. Levy in 1985, but there is no accepted definition so far. The International Monetary Fund (IMF) believes that "economic globalization refers to the increase in the scale and form of transnational trade and capital flow of goods and services, as well as the extensive and rapid spread of technology, which makes the economies of all countries in the world more interdependent".

The Organization for Economic Cooperation and Development (OECD) believes that "economic globalization can be regarded as a process, in which economy, market, technology and communication forms are becoming more and more globalized, while nationality and locality are decreasing".

Therefore, economic globalization can be understood from three aspects: first, the strengthening of economic ties and the increase of interdependence among countries in the world; Second, the domestic economic rules of various countries are constantly becoming consistent; Third, the international economic coordination mechanism has been strengthened, that is, various multilateral or regional organizations are playing an increasingly important role in coordinating and restricting the world economy.

Generally speaking, economic globalization refers to the process of realizing market division, cooperation and mutual integration among countries through division of labor, trade, investment, multinational companies and factor flow, based on market economy, with advanced technology and productivity as the means and developed countries as the leading factor.

Economic globalization is conducive to the rational allocation of resources and production factors in the world, the global flow of capital and products, the global expansion of science and technology, the economic development of underdeveloped areas, the performance of human development and progress, and the inevitable result of world economic development.

But it is a double-edged sword for every country, which is both an opportunity and a challenge. Especially for developing countries with weak economic strength and relatively backward technology, the risks and challenges will be more severe in the face of fierce global competition. The urgent problem to be solved in economic globalization is to establish a fair and reasonable new economic order to ensure the fairness and effectiveness of competition.