Economic Analysis of China and Australia

As the modern day economy continues to grow, more and more discussion are emerging revolving around what are the factors that led to the successful economic growth in some countries and one country that has been gaining researcher’s interest is China and the development of Beijing from a third world country in the to a developed and Newly industrialized country today.

Australia and China adopt very different economic systems in order to cater the best for their society. However, Australia's economic system is more successful than China's and, due to the writer's right-wing value system, will be measured in terms of environmental efficiency, labour and entrepreneurial resource efficiency and the standard of living.

Deng Xiaoping began market-orientated reforms and opened the economy. The incomes of the poorer residents of china are on the increase, however the wealthier residents are still getting wealthier and much faster. Income inequality has risen at a faster pace than that of the United States according to the Gini coefficient. The income inequality is rapidly growing and is still at a very high level.

Since the reform and opening up, the economy of China grows significantly, as an emerging economy, China's economy has made tremendous contributions to the global economy, and Renminbi has become one of the most important currency in the world. According to the survey conducted by China National Bureau of Statistics found that from 1979 to 2012, China has attained an annual average growth rate of 9.8% for its national economy, while the annual average growth of the world economy is only 2.8 % during the same period. In past 30 years, China's GDP surpassed Japan’s, China became the world 's second largest economy, in addition, the huge total volume of trade makes China become the world 's largest trading nation. The contribution of China’s

Nowadays, China has become the second largest economy in the world. The GDP (gross domestic product) of china was growing at 9.7% per year in average since 1978, which the year of Chinese “open door” politic founded. China also has become the biggest producer and consumer in many key agricultural and industrial markets and the largest FDI recipient among the developing countries. The performance of china in developing of economy is called “china’s economic miracle”, which be studied by many economists. However, there are also bad results with the development of economy in china such as environment disruption, corruption and

Australia’s growth rate 0.6% for 2016 and the poverty is actually growing in Australia estimate 2.5 million people or 13.9% of all people living below the standards.The average wage in Australia in November 2013 was $57,980.The average full-time wage is $74,724.Average weekly earnings are $1,1462 in 3 death occurred among people aged 75.74% were mortality 1907 and 3 in 10 death were from disease 2013.4 in 5 natural causes.Also, 3.6 was the number of infant deaths per 1 thousand live births in Australia in 2013.

TravelChinaGuide.com (n.d.) states that Chinese years are represented by twelve zodiacal animal signs. The demographic religious breakdown is as follows: Folk religion, 21.9%, Buddhist, 18.2%, Christian, 5.1%, Muslim, 1.8%, Jewish and Hindu are both less than 0.1% (CIA World Factbook, 2015). Demographically, there are more males than females. Recently, the Chinese government lifted their ban of one child maximum per family (Burkitt, 2015).

Australia and China both adopt different economic system in exchange for a substantial economic growth. China is in the process of a developing nation employing a command economy, which means the decisions on production and investment is decided upon the government. In comparison, Australia is a highly developed nation with a mixed market economy, meaning that the economy has a certain degree of planning involving the government, but the private sector dictates most of the economic decisions.

Economic development refers to the sustained actions of communities, federal, state, and local governments that improve our standard of living through the creation of jobs, new technologies, economic health, and the creation of an overall better quality of life. The comparison between the Australian economy and the Chinese economy provide a detailed and comprehensive view of both nations. China is of political, cultural and economic strategic importance to Australia. Economic growth, employment/unemployment, environmental sustainability, the role of government (in health care, education and welfare), and quality of life determine the economic development of a nation.

China has reached a milestone in terms of achieving its centenarian goal of making China a prosperous nation once again. One of the ways that it has done this is by having steady economic growth even in the midst of an economic crisis. Not only has China’s economy grown, but its standard of living has also improved, it has achieved this by spending 70 percent of its fiscal revenue towards improving people’s standard of living. China has also pushed more anti-corruption reforms and has made efforts towards widening its economy by setting up freer trade.

When one thinks about the quality of life in China, people assume that they are thriving due to the booming markets in their big cities. However, most of China is considered rural and conditions are not like that of those in the city. Over the past decade, China has invested time and money into developing their power grids and the development of roads and highways, amongst other things. Their increase in infrastructure has increased the quality of life for everybody involved. Because they are able to hire cheap labor, they have been able to employ hundreds, if not thousands, in order to continue their growth, which makes way for quality of life improvements. According to the Federal Reserve Bank of Atlanta, “China spent 9% of GDP on infrastructure...” (Laurel Graefe). That is a very measurable amount of money!

To capture the benefits of globalisation, the communist government has moved its focus from domestic to trade oriented. China has become the second largest economy in the world. Since 1980s, it has gone from being the 12th largest economy in the world to the second largest. This indicates that its economy has been growing with an average rate of 10 per cent per year for the last three

The world economic environment is continually undergoing rapid integration through exports, imports and the coordination of monetary and fiscal policies. Both Australia and Japan’s economies are mixed, whereby they contain elements of planned and market economies. Over the past 3 decades the Australian and Japanese economies have experienced gradual economic growth. Japan experienced a recession in 2014. The monetary system used in Australia and governed by the Reserve Bank of Australia who set the interest rate on overnight loans. The Australian currency is called the Australian dollar (AUD). The Australian Stock Exchange (ASX) is Australia’s stock market, which allows the buying and selling of shares of companies. The Japanese currency is

The Australian economy has experienced large changes in the structure of what it produces and how. These have been caused by technological change; by fuller integration into world markets, along with the rise of competition from lower wage countries in the production of manufactured goods (and increasingly, services); and by changes in the pattern of consumption as real incomes rise. The sustained loss of jobs in the production of goods has lead to a major decline in job opportunities for men who have only modest levels of formal education. But it is also evident in the withdrawal from the workforce altogether of such men. In contrast, the expanding areas of the economy have been particularly likely to employ women, whose share of paid work has been rising steadily (especially for married women and women with dependent children).

The population on China is constantly increasing and it is increasing quickly. Because of the population increase there are more and more carbon emission, which is causing a lot of pollution in China. “While China’s economic boom has greatly accelerated the devastation of its land and resources, the roots of its environmental problem stretch back centuries” (Albert and Xu, 2016). China’s environment is becoming more and more polluted and it is also causing harm to the plants, animals and ecosystem there. China’s population began booming and has increased by about 10% every year for the last decade (Albert and Xu, 2016). While the population increases so does the industrialization of the country which in turn increases the carbon emissions and pollution. The water is also becoming increasingly