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Economies of Australia and China

            
             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.


Essays Related to Economies of Australia and China

1. Economics of Australia and China

Australian economy and Asian economies play a very similar role in solving the economic problem. ... The economic problem of scarcity has influenced both Australian and Chinese economies. Both Australia and china offer health care for their country. Population in china and population in Australia are unequal; therefore health care in China is less clean and efficient as the health care in Australia. ... Australia and China both have mixed economies; China previously adopted a centrally planned economy but slowly to a market oriented one. ...

  • Word Count: 815
  • Approx Pages: 3
  • Grade Level: Undergraduate

2. Principles of Australian Trade

With China in particular expected to become the most powerful economy in the world, according to Austrade's chief economist Tim Harcourt, "The Chinese economy has been growing at a rapid rate." ... This being the case, China is the best equipped economy to help Australia pay off their sizeable current account deficit. The rapid industrialization in China will drive the Australian economy and in particular exports of iron ore for many decades. ... These are the two most powerful economies in the world today, and there is no surprise that Australia now imports the most from China, who are f...

  • Word Count: 1180
  • Approx Pages: 5
  • Grade Level: Undergraduate

3. Australian and Chinese Economies - A Comparison

Despite to their geographical proximity, Australian and Singaporean economies have a number of similarities, although its differences are not to be overlooked. ... Australia's economy also allows this; however, Australia's economy cannot be defined as ultimately planned (socialist) or ultimately market (capitalist); it shows attributes of both, deeming it a mixed economy. ... Australia's abundance of natural resources and extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources, make it a major exporter of commodities; which, alongside w...

  • Word Count: 2267
  • Approx Pages: 9
  • Has Bibliography
  • Grade Level: Undergraduate

4. The Developing Australian Economy

Australia is one of the fastest developing economies in the world. ... Australia has an overall well diversified economy supported by the quality of its services and resources industries. A country's economy is effected by various factors but three core indica¬tors effecting Australian economy are GDP, Unemployment, and Inflation. ... Another major factor effecting Australian economy is unemployment. ... Australia's main trading partners are: China, Japan, the United States, South Korea, Singapore, the United Kingdom and New Zealand. ...

  • Word Count: 818
  • Approx Pages: 3
  • Has Bibliography
  • Grade Level: Undergraduate

5. Australia's Economy

Economic Structure The Australian economy is structured primarily as a commodities exporter economy, however in recent years it has been moving in the direction of a knowledge based economy. ... Australia is moving steadily towards becoming a totally Knowledge-Based Economy (KBE). ... Economic Performance Over Time Over the last 15 years the Australian economy has flourished. ... The existence of multiple FTA's evidences the openness of the Australian economy. ... These countries include, the US, Japan, China, Germany, New Zealand, Republic of Korea and the UK. ...

  • Word Count: 1402
  • Approx Pages: 6
  • Grade Level: Undergraduate

6. Australia and Assimilation

"Populate or perish" After WWII Australia had to re-think its plan for survival for if we didn't we surely would have been overpowered by japan, china or Indonesia because those countries are over populated and Australia for its size is largely under populated. ... He was very concerned about how our defence and economy would hold up if we were attacked or invaded after the war. ... It has also given them access to the workplace and the wider community to protect them from persecution based on difference so it has boosted our economy and defence. ... Aims of Assimilation The governmen...

  • Word Count: 1203
  • Approx Pages: 5
  • Grade Level: High School

7. China's Economic Slowdown

In 1978, the Chinese government commenced economic reforms which saw the economy experience tremendous economic growth. ... China increased imports have had a huge impact on neighboring economies and also the euro area, which increased its export to China from 2.4 percent in 2001 and by 2012 the number had increased to 6.4 percent[ CITATION ECO13 l 1033 ]. During the three and a half decades of double-digit growth, China has transformed itself from a country dominated by poor and rural society to be the second largest economies in the world. ... The data shows that Chinese economy is slowing...

  • Word Count: 2232
  • Approx Pages: 9
  • Has Bibliography
  • Grade Level: Undergraduate

8. Australia's Image in Asia

TRADING WITH ASIA China is now Australia's third largest trading partner, after the United States and our other Asian neighbour, Japan. ... Between 1995 and 2001 total Australian exports to China grew at an average annual rate of 16 per cent. ... China's economies massive. ... By 2020 it is likely to be the world's single largest economy. ... China needs to fuel its expanding economy and to provide the foodstuffs that its citizens want. ...

  • Word Count: 1471
  • Approx Pages: 6
  • Grade Level: Undergraduate

9. Aus asia relationship

Trade and investment liberalisation - and greater integration into regional and global economic affairs - are very much in China's and Hong Kong's interests, and in the interests of Australia and other countries. ... These have brought real benefits to Australia and its neighbours, including China and Hong Kong. ... China likewise has continued to reduce its average tariff. ... In 2000, foreign investment inflows to the key East Asian economies, apart from China and Japan, declined by 17 per cent from levels before the crisis. ... Australia believe that the situation of Australia wo...

  • Word Count: 472
  • Approx Pages: 2
  • Grade Level: Undergraduate

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