Australia vs. China: An Economic Comparison

The Chinese and Australia economies have many similarities and differences, including the size of the economies, growth rates, unemployment, inequality, standard of living, environmental issues and the roles the different governments have in influencing and modifying these factors of the economy.

When comparing the communist nation of China with the democratic nation of Australia many differences are apparent. The application of the legislative (law making and modifying function), executive (administrative function) and judiciary (law enforcing and dispute resolving function) is vastly different between the two nations as can see when we compare and contrast the underlying principles of each system of government. Firstly, both nations claim to uphold the concept of the rule of law, although due to corruptive forces surrounding the Chinese court system, this concept is often thwarted and equality before the law is not upheld. Within the constitutions of both nations the basic principles of separation of powers have been applied;

Australia became a commonwealth of the British Empire in 1901. It was able to take advantage of its natural resources to rapidly develop its agricultural and manufacturing industries and to make a major contribution to the British effort in World Wars I and II. Now, Australia has a prosperous Western-style capitalist economy, with a per capita GDP at the level of the four dominant West European economies. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels.

Today I 'm going to be comparing and contrasting Australia to China economy by economic growth and quality of life, employment, and unemployment, distribution of income and environmental sustainability.

China is one of the biggest countries along with Thailand and Japan who make goods for Australia. Being Australia’s third largest merchandise trading partner and seventh largest service export market in 2003, China might significantly affect the Australian economy through any changes made to its trade policies. A more liberal Chinese trade policy could increase Australia’s income in part through greater market access for its exports. Of every hundred dollars of national

Australia has established a good relationship with China over the past decades through the China-Australia economic bilateral agreement and free

In the present scenario, Australia’s economic prosperity is largely dependent on its relationship with China, but will Australia’s economic prosperity continue to be dependent on China in the future? This is a question that Australia’s new Prime Minister will be interested in finding out before he signs more deals with China for further investment in sectors left out in ChAFTA. Will China consider Australia in the long run as a perfect destination for investment or will it find a better partner to invest in the future? I believe that Australia’s economic security will not be largely dependent on China in the future because the Chinese economy is not growing as expeditiously as it should have because the foreign demand for its exports has slowed down. As a result, China’s manufacturing sector has hit a three-year low this August and this slowdown in exports may last for quite some time because countries have started looking for manufactured goods beyond China to get better quality at lower costs.

Australia relies heavily on China in the way of investment and exports. In 2014 China bought 34% of Australian exports which made China the number one buyer of our exports here in Australia. The products that China buy include agricultural produce, Australian mining products such as iron ore and coal/energy products. Australia also relies on China in the form of foreign investment. The main interest that China has is infrastructure projects. Australia has been the second largest receiver of Chinese investment globally with the United States of America taking the number one spot. Finally Australia relies on China in the form of tourism. Tourism is great for Australia because as the more tourists come to visit the more money they spend in our shops and hotels. This helps the overall economy of Australia. In 2015 China was the second highest ranked country of tourists coming to Australia.

Economically in the past fifty years, China has raised the standard of living in the country by keeping birth rates down. Access to Earths natural resources in the area has increased since 1980. The Chinese has plenty of land for agriculture, food supply, water and gas resources to sustain presently.

The main economic goal of the UK is Economic Freedom because it prides itself on everyone having freedom of speech and to be able to decide what they want to do. This is advantageous because this keeps the economy more stable due to goods and services are only supplied which the people want. This means that the government doesn’t get all of the power and the people have their freedom of speech. China however is a Civilisation state which means that it is a Communist society, which effects the development of their structure. The main economic goal of China is Equity because they believe everyone should be equal and have the same. This is believed to be beneficial because it makes people work harder since they all have the same and removes classes from society so the there is a classless society. However Economic Freedom is more advantageous over Equity because Equity means the people live in really bad conditions and don’t get to express their freedom of

The economist states that it is harder for an economy with large size keep growing at a fast speed. Several research states the China’s GDP growth at an average 10 % per year for the previous three decades. So that there is a significant rise in the amount of labor, capital and the level of productivity. However, they all slowdown in recent year ("Why China's economy is slowing", 2015). In this essay, three components are included. In the first part of the article, the reason for the china’s decline in the economy will be discussed. In particular, the author focus on the income inequality and the effect of the real estates to the economic growth. The effect on the Australian economy and the United States will include in the second part and

China has vast resources like coal and fossil fuel and hydro electric potential. The problem is the development of the infrastructure. The geological position off resources and the fragmentation of the regions and the poor development of the infrastructure can hamper growth. There is a greater phase of urbanization in China now but this is lesser by the world level and there are vast regional and cultural differences within the Chinese towns that lend a distinct cultural ethos to the urbanization and functioning of organizations. (Mengkui; Bingwen, 2006, p. 112) This can be seen in the problem of transporting coal, the major source of power, and the location of the dams and other infrastructure that were created by the centralized regime. The problem is that the political system of China is unitary and the entire provinces have their decisions made by the Centre at Beijing

China as the fastest growing economy worldwide, is currently facing a challenging time to meet the energy demand of their population (Dalpino, 2005, p. 46). The heavily populated Eastern region is often subject to electricity outages (Sternfeld, 2010, p. 4), as the used electricity is mainly generated in the less densely populated West, a project supported by the west-east electricity transfer project (Oaks, 2004, p. 154). In the past, China has been mainly relying on their coal resources in order to meet this demand. The domination of coal consumption rose from the need of energy in a large country with a relatively low qualitative supply of natural gas and oil and the rather late development of these sources (Kang Z. , 2014).

China, a socialist country in East Asia, is the world 's most crowded nation. Its unfathomable scene includes field, desert, mountain ranges, lakes, waterways and 14,500km of coastline. Beijing, the capital, blends cutting edge building design with memorable destinations including sprawling Tiananmen Square. Its biggest city, Shanghai, is a high rise studded worldwide budgetary focus. The famous Great Wall of China fortress runs east-west the nation over north. It practices purview more than 22 territories, five self-ruling locales, four direct-controlled regions (Beijing, Tianjin, Shanghai and Chongqing), and two generally self-representing exceptional managerial regions(Hong Kong and Macau); while asserting power over Taiwan. Covering around 9.6 million square kilometers, China is the world 's second-biggest nation via land region and either the third or fourth-biggest by aggregate region, contingent upon the system for measurement.. China 's coastline along the Pacific Ocean is 14,500 kilometers (9,000 mi) long, and is limited by the Bohai, Yellow, East and South China Seas. China had the biggest and most complex economy on the planet for a large portion of the previous two thousand years, amid which it has seen cycles of flourishing and decrease. Since the presentation of financial changes in 1978, China has ended up one of the world 's fastest-developing real economies. Starting 2014, it is the world 's second-biggest economy by ostensible

Since its founding, especially after the 1980s, China has experienced a series of economic reforms, such as the development of non-government-owned industrial economy, the opening-up policy. Unprecedented growth occurred in China, with its economy increase by 9.5% a year. Meanwhile, sharp regional disparity becomes one of the biggest development challenges China is facing, with metropolitan areas of the eastern coast far richer than that of central and western China. Reform along with opening-up