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 US, 10.24 RMB for 1 Euro
This is an economy with much catching up to do. Continued rapid growth will be essential if poverty rates in China are to be reduced further. The challenge for the Chinese authorities is to ensure that growth rates are sustainable over a long period of time if they wish to continue reducing poverty rates in the country.
But China is undergoing some major and sometimes painful restructuring, due to:
- Larger gap between rich and poor
- Large debts to pay off to several countries
Australia has an enviable Western-style capitalist economy, with a per capita GDP on par with the four dominant West European economies.
Since the recession in 1990-91, GDP has grown in Australia every year. Growth in 1991-92 was relatively low (0.3%), by 1995-96 it had accelerated to 4.2%, a growth rate which was generally maintained until 1999-2000. GDP growth has fluctuated since then, at 2.0%, in 2000-01, 3.9% in 2001-02 and 2.8% in 2002-03.
- PPP GDP - $571.4 US billion
- PPP GDP/capita - $29 000 US billion
- GDP - $571.4 US billion (ranked 18)
- GDP/capita - $29000 US (ranked 14)
- GDP growth rate - 3% (ranked 109)
- GDP/capita growth rate - 2.6%
- GNI - $440 US billion
- GNI/capita - $21 650 US
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 Unemployment
GDP composition/sector - Agriculture - 14.8%
Industry and construction - 52.9%
Services - 32.3%
Unemployment Rate - 4.1% or 80 million people
From 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, cotton
Industries: textiles and apparel, iron and steel, coal, machine building, armaments
Improving 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.
Although Australia's unemployment rate is only 5.1%, which is its lowest for 24 years, Australia is still only 55th in the world in...