China is undoubtedly one of the strongest and unique economies of the world, ranking 2nd in, being the fastest growing economy in the world playing a large global role for all economies ., many societal and economic factors and aspects such as the Chinese government and society contribute to the Chinese economy. Australia is a quick growing economy. China and Australia’s economies are both very impactful and large economies. As of 20
China and Australia’s economic systems are structured completely differently. China operates with a unique ‘socialism with Chinese characteristics’, a modified version of a planned economy while Australia operates with a market economy. Originally through China’s planned market system, the Chinese government had full control over a large amount of economic production, distribution and exchange decisions made within their market. Around the 1950’s under this planned system state-owned enterprises represented 77.6 percent of China’s economy. After decades of experiencing low rates of economic growth limited growth the Chinese government overhauled their planned market system in 1978 and implemented China’s current economic system. The Chinese Economic Reform is translated as “Change, Reform, Open up” which is what the new system did. After the reform, Chinese market transformed to a more public, open based economy, with the government controlling less of China’s economic decisions and allowing overseas investments.
China’s economy is primarily industry and services based and away from agriculture, together forming 90.3% of China’s GDP as of 2013. High production due to the high labour force. Australia more service based
The Chinese government opened up potential the Chinese economy declined. Many of these incredibly significant and impactful economic decisions made are predetermined by the Chinese government’s ‘five-year plans’. To create each five-year plan, many people work together, factoring and accounting for changes that will help boost the Chinese economy. .After the reform, Chinese market transformed to a slightly more public, open based economy, with the government controlling less of China’s economic decisions opened up privatisation and state owned. China was market freedom was very limited and Originally 48% were state owned enterprises 1970s steered to market based .Second plan 1958-1962 Expanding heavy industry in China through Great Leap Forward which diverted millions of agricultural workers into industry. and Australia’s economy is more consumer orientated than China’s
These plans are created by a group of Party members plan and improve on old five year plans; this plays a large role in the success of china’s economy what products to produce, what is produced and how products are distributed in the market. The market freedom is limited but succinct economic choices by governmentwq
Difference between China’s system and australia’s is china can make artificial decisions, less reliant on consumers. Australia more natural growth This limits market freedom. Ranked second largest economy on nominal … world’s demand for china’s resourcesFive year plan
Australia’s economic structure is entirely different from China’s economy. This resulted in many different economic factors such as: different economic growth in the two nations.
China and Australia’s economies grow at high rates, both ranking in the top 10 of GDP (Gross Domestic Product) gain per annum. As of 2012, China was ranked the world’s fastest growing economy based on GDP gain. The Chinese GDP increases at averages of 8% per annum while making China the world’s fastest growing economy while