The wave of anti-globalization that has emerged over the past two years is widely regarded as the result of the rise of protectionism. In fact, this can be seen as another manifestation of globalization, or that globalization has entered a new phase. Observing the changes of multinational companies would be the best way to keep track on this phase. When the multinational companies are pulling out, that is a sign of slowdown, reflecting the obstacles faced by conventional globalization process, yet at the same time is reflects globalization has entered a new phase where the world becomes "flat", which means the gaps of cost differences, competitiveness and technology have been narrowed down. These changes lead to the gradual decrease or even disappearance of the "arbitrage" space under the conventional globalization. Optimistically speaking, this is a new stage of the evolution of globalization needed to be faced by every country, regardless rich or poor.