Year 11 Economic Analysis Of China And Australia, Including Economic Growth, Employment And Unemployment, Quality Of Life And Role Of Government

2267 words - 10 pages

Economic Growth.China.China is classed by the World Bank as a lower middle-income country. China's real GDP grew at a rate of 9.1% in 2003, up from 8.0% in 2002, meaning that even economic growth is increasing rapidly in China. China's GDP growth rate is even faster than the US, and has enjoyed some double-digit growth rate since it has opened to economic reform.This rapid growth had brought opportunities and challenges - both for China and for the rest of the world.- PPP GDP - $6.5 trillion US, second in the world- PPP GDP/capita - $5 000 US-GDP - $1.46 trillion US-GDP growth - 9.4%-GDP/capita - $1 100 US- GNI - $1.4 trillion US- GNI/capita - $1 010 US- Exchange rate - 8.28 RMB for 1 ...view middle of the document...

Economic growth for Australia however has slowed down over the last two quarters, with only 0.2% in each. If this continues for the rest of the year, then the annual growth rate for 2005 would only be 0.8%.However, China is still going strong with its growth. It may even be accelerating.What has changed is the extent to which all of Australia's economic fortunes are now linked with those of China. Its sheer size and its dynamism makes it increasingly important for global economic growth. With Japan's economy largely stagnant for much of the 1990s, China played a crucial part in sustaining and helping to fuel Asian economic growth. With European growth still lacklustre, the opportunities offered by Chinese growth are increasingly important for the world outside Asia. It is in all of Australia's interests that the Chinese economic miracle is sustained.Employment and UnemploymentChinaGDP composition/sector - Agriculture - 14.8%Industry and construction - 52.9%Services - 32.3%Unemployment Rate - 4.1% or 80 million peopleFrom 1990 to 2003, the employed population increased by 96.83 million, an average increase of 7.45 million per annum. In rural areas the unemployment rate is higher than in urban areas. The increase can be blamed on rapid economic growth as well as other factors that have come to affect Asia, such as SARS.Agriculture: ;rice, wheat, potatoes, sorghum, peanuts, tea, cottonIndustries: textiles and apparel, iron and steel, coal, machine building, armamentsImproving the public employment service system, and fostering and developing the labor market-- Establishing a market-oriented employment mechanism.-- Developing and improving the public employment service system.-- Improving the unemployment insurance system.AustraliaAlthough Australia's unemployment rate is only 5.1%, which is its lowest for 24 years, Australia is still only 55th in the world in unemployment.Jan 2005 StatusEmployed persons ('000) 9,851.6 IUnemployed persons ('000) 526.4 DUnemployment rate (%) 5.1 DParticipation rate (%) 63.9 ISeasonally AdjustedEmployed persons ('000) 9,868.2 IUnemployed persons ('000) 533.3 DUnemployment rate (%) 5.1 DParticipation rate (%) 64.1 IAlso, over the past few years, more and more people are starting to work part-time instead of full time.Also, in Australia the labour force participation rate for men was 83.6% whilst it was 67.8% for females, however, this is comparatively high for women as they are now returning to the work force. Stats show that 46% of women work part time mainly due to children.Employment from sectors - Primary: 5.6%Secondary: 11.9%Tertiary: 82.5%GDP composition/sector - Agriculture: 3.5%Industry: 26.3Services: 70.2%Quality of LifeChinaLife expectancy - 70.9Adult literacy rate - 90.9HDI - 0.745, ranked 94China's ranking of Human Development Index (HDI) subsequently rises from 104 to 94 in 177 countries in the world.According to the survey, 80.1 per cent of Chinese people feel positive about China's overall quality...

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