essay
The similarities and differences between the Australian and Chinese Economies provide an interesting comparison of economic systems. China is one of australis closest trade neighbours and is of cultural, political and economic strategic importance to Australia. The Chinese
Economy is considered a planned/command economy, where the government makes the decisions about production and investment. In comparison, the term to describe the Australian economy is a semi-planned/mixed market economy, where the private sector dictates most of the economy, with some government inva) making it the second largest economy in the world behind the United Stated in terms of economic size. The level of GDP/ capita in Australia in 2015 was $51,642 U.S dollars (listed by Knoema), which is contrasted with China’s level of G, ranking
2nd in the world with China ranking 101st in the world. Another component which is in contrast between the Australian and Chinese economy is Standard of Living, which is reliant on factors such as Human Development Index (HDI) , the popsicle index, happiness index, education index and level of healthcare. Human Development Index takes into consideration four factors: life expectancy at birth, gross national income per capita, mean years of schooling and expected years of schooling; to measure and rank countries’ level of social and economical development.
While China has much more GDP than Australia, Australia has a higher Human Development
Index (HDI) of 0.93, ranking 2nd, as opposed to China’s ranking at 90th, with a HDI of 0.73 (listed by knoema 2014). These statistics are reflective of a highly developed country (Australia) and a medium developed country (Chin