– a comparison of the key features in China and Australia
China and Australia, provide two samples in pursing social welfare in different ways and hence result in distinctive social structure as well as government-business relationship. Convergences and divergences coexist in these two paradigms, in a way that suit each nation well.
Private sector is the value chain which engages political, economic and social factors together. It is of paramount importance in both two Australia and China in enhancing people’s living standards, such as providing goods and services, creating employment, contributing tax revenue and etc.
Australia has a modern developed market economy. According to IMF (2010), with 0.99 trillion US$ GDP in 2009, Australia ranked 13th in the world largest economies. Like most developed countries, services sector dominates the economy, representing 68% of GDP. Meanwhile, endowed with vast lands and rich natural resources, its agriculture, especially wool and wheat, and mining industry, such as iron-ore and gold, constitute Australia’s major export products, accounting for 57% of the nation’s overall exports.
Private sector is the major contributor of Australian economy. Since the massive privatization in 1980’s, this country became the “world leader in selling public assets” and “one of the world’s keenest privatizers” (Sydney Newspaper, 1998, as cited in Wettenhall 1999:145 ). In 2010, 8 Australian private companies presented in Fortune Global 500 list (Fortune 2010), ranking from No. 139 to No. 458. The shining brands include BHP Billiton, Wesfarmers, Woolworths, Commonwealth Bank of Australia and etc., adorning Australia’s national flag. |
In terms of scale, Chinese economy is undeniably bigger, with $4.9 trillion GDP (IMF 2010), ranking the 3rh world largest in 2009. Recently, it was officially announced by the chief currency regulator Yi Gang that...