India And China 's Economic Growth

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Abstract India and China, two populous countries (nearly one-third of the world’s population) in the world, have innumerable similarities in many aspects. Both of them sit on the Asian continent and achieve rapid economic growth in the past three decades. As current success stories of globalization, this rapid growth also influences the economic structure of the world which leads more concentration on the analysis of these two countries. Two Not Similar economies Different economies may have common points on growth potential and many other aspects, but due to different regions and national situations, they always have crucial differences. India, a federal republic country, was under the colonial rule of British for around 200 years, which leads a large extent of economic resources loss. This changed till 1990s since the initiation of economic reform policies in 1991. On the other hand, China, a communist country, adopted the reform policies in 1978 which drove the economic a dramatic growth. Figure 1 indicates the development trends of these two countries in the past decades. We can easily figure out the difference between them is barely until 1990, after that, the growth rate of China is extremely larger than that of India. Figure 1. GDP Per Capita in India and China in the past decades On Dec. 2015, the GDP Per Capita in India is 5800 (USD) and the GDP Per Capita in China is 13200. The GDP growth rate in India is 7.3% and that of China is 7.3%. (Above data comes from
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