Nafisat Adeoye Gaffar
Department of Computer Science and Engineering
University of Wollongong in Dubai
This report highlights the difference in the economies of China and Australia, their economic indicators, concerns, policies and the measures executed to ensure the future solidity and opulence of both countries.
Macroeconomics envelops the main characteristics of a national economy with the aim of explicitly developing the way different segments of the economy are connected.
This detailed contrast and comparison will explore the macroeconomic policies implemented to keep the country stable, sources of revenues, general populace. All these comparisons have been elaborated with data retrieved for major economic and monetary organisations that study the economic attributes of countries and detail them.
Comparing and contrasting these economies in their precise form, commencing at its inception will be tedious. So, I have sectioned off the period of the new century up till the point of the recession and subsequently, the recovery, to explain how the years have impacted the economies of both countries. This report will be covering the phase 2000-2010: The economy, the growth, recession and recovery.
CHINA AND AUSTRALIA
The world economy had since 2006 been on the alert of a downturn. The US sub-prime mortgage predicament, though has led to this, resonated the state of affairs of the intensifying interdependence among countries of the world.
According to the New York Times, the Australian economy headed for a precipitous slump in 2009 in part, because the expected growth of China slowed down.
The Government of China has maintained its stance to take policy measures and inducements to inspire domestic demand and at the same time, initiate policies of broad scope so that a steady economic growth can be ensured.
China is one of the swiftest rising economies in the world, owed to its trade power. The Chinese standard of living has progressed and a lot of people have been elevated out of stricken poverty. In 2008, China was the second world’s largest exporter and third biggest importer (World Trade Organisation). Regardless of the optimistic outlook for its economy, China envisages a lot of policy confrontations that can undercut potential economic development and stability.
The Government of China considers that protractible economic expansion can simply be accomplished by trailing the course that is in favour of originality, resource preserving, ecological friendly and by so doing generate an agreeable civilization that facilitate its people to obtain the profits of development.
The Chinese advocate the attitude of seeking reciprocal advantages and a win-win outcome in advancing its country and trade relations. It labours for allocated profits of monetary globalization amid other nations by principally capitalizing on contrasting improvements.
The Chinese government completely comprehends the complications other growing nations in their pursuit towards economic growth and expansion confront, and has entrusted itself to presenting support to the greatest of its capacity.
Australia is sometimes described as a lucky country. The nation has been traversing the worldwide boom sturdily for the past seventeen years in goods and services, gaining swell from its propinquity to Asia.
Discerning that this country has maximized its potential to the fullest of advantage is an understatement, all the way through sequences of compositional modifications and the pioneering of a strong macroeconomic structure which has reinforced flexibility. The country’s productive capability has turned out to be augment extended.
In the estimation and origination of Australian economic strategies and economic outcomes, the level of transparency enhances government accountability. The...