An economy is a state of a country or region that manufactures and consumes good and services as well as the supply of money. The economy could increase or fall at any at period, so particular strategies need to be used to get through the difficult situations. It depends on the where the economy is standing and what they are aiming for. China is located in Southeast Asia alongside the coastline shore of the Pacific Ocean. It has an area of 9.6 million square kilometers. Australia is located between the South Pacific Ocean and the Indian Ocean. Australia is one of the most richest and developed countries. It covers a total area of 7.692 million square kilometers squared. .
The Australian Economy .
Australia has one of the biggest economies and containing the Gross Domestic Product (GDP) of $1.525 trillion US (2015) annually. The comparison of Australia's nominal GDP is ranked twelfth largest in the whole world and fifteenth largest GDP per capital in view of purchasing power parity (PPP). The main Australian sectors that contribute 12 percent of GDP for mining and agriculture. These products shape the foundation of a lot of Australia's economic development and primarily export to East Asian markets.
The Chinese Economy.
China is the second largest economy in the world by Gross Domestic Product (GDP). It is the world's largest economy according to the International Monetary Fund (IMF) for the purchases it has made, though this has been disagreed with by China's National Bureau of Statistics. For the last 30 years, the Chinese economy has had an average growth rate exceeding 10%. The current estimation of population in 2016 for China is just under 1.4 billion people. China's relations with Australia are identified by their strong trade bonds. Australia's largest trading partner for goods and services is China, whereas Australia is a primary source of resources for China. But recently, Australia's exports are growing way past the resource sector.