Economic Analysis of China and Australia

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Economic Growth. China. China is classed by the World Bank as a lower middle-income country. China's real GDP grew at a rate of 9.1% in 2003, up from 8.0% in 2002, meaning that even economic growth is increasing rapidly in China. China's GDP growth rate is even faster than the US, and has enjoyed some double-digit growth rate since it has opened to economic reform. This rapid growth had brought opportunities and challenges - both for China and for the rest of the world. - PPP GDP - $6.5 trillion US, second in the world - PPP GDP/capita - $5 000 US -GDP - $1.46 trillion US -GDP growth - 9.4% -GDP/capita - $1 100 US - GNI - $1.4 trillion US - GNI/capita - $1 010 US - Exchange rate - 8.28 RMB for 1 US, 10.24 RMB for 1 Euro This is…show more content…
Also, in Australia the labour force participation rate for men was 83.6% whilst it was 67.8% for females, however, this is comparatively high for women as they are now returning to the work force. Stats show that 46% of women work part time mainly due to children. Employment from sectors - Primary: 5.6% Secondary: 11.9% Tertiary: 82.5% GDP composition/sector - Agriculture: 3.5% Industry: 26.3 Services: 70.2% Quality of Life China Life expectancy - 70.9 Adult literacy rate - 90.9 HDI - 0.745, ranked 94 China's ranking of Human Development Index (HDI) subsequently rises from 104 to 94 in 177 countries in the world. According to the survey, 80.1 per cent of Chinese people feel positive about China's overall quality of life, while only 2.6 per cent feel negative. Findings from this study underscore the environmental concerns of the Chinese leadership: · Each year, an estimated 178,000 Chinese in major cities suffer premature deaths because of atmospheric pollution in excess of standards. Also, acid rain from high sulfur regions heavily damages the environment each year to crops and forests · Water pollution, a major focal point of recent Chinese policy, has contaminated 52 of 135 monitored urban river sections. These sections do not even meet the
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