Similarities And Differences Between China And Australia

Similarities and Differences between China and Australia’s Economies Introduction 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. Size of Economy The GDP is the total market value of goods and services in an economy over a period of time. China’s GDP is significantly larger than Australia’s, measuring 9.24 trillion $USD as of 2013, while Australia’s GDP was 1.56 trillion $USD the same year. Before the change to a socialist market, the economic policy at the time didn’t allow for the benefits of a market economy, such as increased efficiency because of competition and motivation and more innovation. Despite China’s large GDP, the GDP/Capita shows a more accurate representation of income distribution. China’s GDP/Capita in 2013 was 6, 800 $USD, while Australia’s GDP/Capita in 2013 was 67, 500 $USD, due to the massive difference in population, and that a greater percentage of China’s population earns less, while Australia’s income is more evenly spread. Economic Growth Rates Economic growth measures a percentage change in the GDP of an economy over a period of time. China and Australia’s GDP growth rates are very different, China having a relatively high GDP growth rate, while Australia’s is only just between the target 2-3%. InShow MoreRelatedAustralia: The Foreign Policy of the Hawke-Keating Government1501 Words   |  7 Pagesmajor parties. As a result, there exists a latent similarity in the foreign policy of successive Australian governments across the last 40 years that becomes more pronounced when comparing them within their respective partisan delineations. 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