This paper compares, contrasts and analyzes recent economic development trends in Chinese and American economies. A comparative study of the economic performance of USA and China tends to reveal both similar and varied trends of different economic factors…
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This paper provides succinct economic comparative analysis of recent growth indicators of China and the United States. The result of economic comparison is essential in identify the right country for investing, as the behavior of the economic factors tends to predict political, social, and economic environment in this countries.
The National Bureau of Statistics of China report indicates that from 2011 to 2013 the GDP growth rate averaged at 2 percent. This trend was higher in June 2011 at 2.50% and recorded low in March 2012 at 1.5%. Further, the report indicates that the Chinese economy is the second largest in the world after United States. The economic trends in China have changed in the past thirty years from market-oriented economy to a private sector economy.
The Bureau of Economic Analysis report shows that United States is world largest national economy. It has a GDP of USD 16.66trillion, GDP per Capita of USD49, 601. The US A population living below the poverty line 14.8% and has workforce of 155.6 million out of which 11.26 million are unemployed. The GDP growth per sector shows that service industry is leading 79% whereas agriculture and industry trail at 1.2% and 19% respectively.
The World Bank report indicates that the China’s economy is $10.1 trillion compared to $14.6 trillion for the U.S. based on the purchasing power parity. It appears that China is narrowing the gap fast and it might overtake U.S in the near future. In the past 10years, the China’s GDP averaged at 10.5% compared to the U.S 1.7%.
Other factors which illustrate Chinese economic performance includes people living people the poverty line 13.1%, and average gross salary USD 457. USA The Bureau of Economic Analysis report shows that United States is world largest national economy. It has a GDP of USD 16.66trillion, GDP per Capita of USD49, 601. The US A population living below the poverty line 14.8% and has workforce of 155.6 million out of which 11.26 million are unemployed. The GDP growth per sector shows that service industry is leading 79% whereas agriculture and industry trail at 1.2% and 19% respectively (The World Bank, 2013). The average annual gross salary is USD 45, 790. In the year 2012, US spent USD 2.3trillion. The major import partners are China 19%, Canada 14%, Mexico 12%, Japan 6.4%, and Germany 4.7%. Largely, the consumer goods top the list of the US imports. On the other hand, US exports USD 1.56 trillion with the major export partners being Canada 19%, Mexico 14%, China 7%, and Japan 4.5%. Other economic factors defining the economic growth of United States are Education Cost whose GDP is 1%, health or social care 8%, and Federal Government including military spending 5%. Analysis of the Economic Performance The World Bank report indicates that the China’s economy is $10.1 trillion compared to $14.6 trillion for the U.S. based on the purchasing power parity. It appears that China is narrowing the gap fast and it might overtake U.S in the near future. In the past 10years, the China’s GDP averaged at 10.5% compared to the U.S 1.7% (The World Bank, 2013). This trend seems to suggest that China has many emerging opportunities that contribute to its fast economic growth as opposed to United States. A comparison between the US workforce and the China’s
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According to the paper Chinese culture has contributed success with academic achievement where American culture contributes success to luck and opportunity over education. The differences in Chinese and American school systems and the resulting educations is based upon the student response to social pressures that are assigned according to cultural foundations and how they affect perceptions of success and achievement.
According to the paper, China previously used conservative practices in trade spheres by raising level of tariff rates and granting subsidies to the domestic enterprises. From the 1990s the government started to develop the potential of foreign trade activities. Ascension to the WTO helped the Chinese companies to increase its volume of exports.
In the second section the economy after 1920 is described. Here a short view of comparison of today’s economy with the past economy is provided. The comparison is on the basis of economic indicators like GDP, the unemployment and the CPI rate. The Period of 1900- 1910: In 1900 the amount of people unemployed in the US was 1420 (000s) approx and the percent of civilian labor force was only 5%.
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This occurs when symbolic systems mediate and there is facilitation of communication between the different actors (Noronha, 2002). The ancient culture of China was more progressive than the contemporary Chinese culture. The Chinese people are famous for their traditional form of paintings, silk weaving, calligraphy and architecture (Kalman, 2008).
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There are different types of media systems including newspaper, television, radio, and the Internet. These mediums play an important role in communicating information to the general public and changing perceptions of the audiences.
China, being a socialist market economy is known to be having the second largest economy when measured in nominal GDP and purchasing power parity (Barth, Tatom & Yago, 2009; Siddique, 2007). Precisely, in the global
It has been able to experience a Gross Domestic Product (GDP) of around 10 percent every year and this has enabled many people in the economy to shift from their poverty levels. It has an estimated population of 1.3 billion people and its
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