China economy

vs
Australia economy
 Australia
• Australia’s 2020 nominal GPD is 1.3 trillion US dollar a 7.46% decrease from 2019. which places a 13th in the world and a 2020 GDP per
capita of 51,885 USD a 4.5% decrease from 2019.

• Overall, the economy of Australia is a highly developed mixed economy which includes a variety of private freedom, combined with
centralized economic planning and government regulation.

GPD growth of Australia

GPD of Australia

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 China
• China’s 2020 nominal GPD is 15.67 trillion US dollar a 6.38% increase from 2019. which places a 2 nd in the world and a 2020 GDP per
capita of 10,839 USD a 5.6% increase from 2019.

• Overall, the economy of China is a fast-growing planned economy, the system is based on the predominance of public ownership and
state-owned enterprises within a market economy.

GPD growth of China GPD of China

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 Australia
• Australia's HDI value for 2020 is 0.944— which put the country in the very high human development category—positioning it at 8 out of 189 Australia's
mean years of schooling of the population age 25+ is 12.7 years with a literacy rate of 99.00% for 2020.

• The life expectancy for Australia in 2020 was 83.4 years, a 0.05% increase from 2019.

• According to the Poverty Report 2020, 13.6% of the population live below the poverty line.

HDI values of Australia 16%

People living under the poverty line

14%

12%

10%

8%

6%

4%

2%

0%
2010 2012 2014 2016 2018 2020 2022
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 China
• China’s HDI value for 2020 is 0.761— which put the country in the high human development category—positioning it at
85 out of 189 and is still regarded as a developing country. China’s mean years of schooling of the population age 25+ is
8.1 years with a literacy rate of 96.8% for 2020.

• The life expectancy for China in 2020 was 76.9 years, a 0.14% increase from 2019.

• According to the Poverty Report 2020, 17.1% of the population live below the poverty line .

HDI values of China

People living under the poverty line

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 Australia
• Australia air quality is generally among some of the cleanest in the world.

• Australia’s current air pollution standards are not strong enough to protect human health. In 2020 Australia scored 22, that
places it 7th in the Air quality index which indicates how clean or polluted the air is. However, Australia, has some of the
world’s highest carbon emissions per person, rates poorly on the clean energy and climate change goals and currently exceed
the World Health Organization's recommended thresholds and by international comparison, lag significantly.

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 China
• There are numerous environmental problems in China which have serious consequences for the biophysical
environment and public health of the country.

• China is the world’s largest source of carbon emissions, and the air quality of many of its major cities fails to meet
international health standards.

• Since China has become a large production house on the world map, the environmental conditions in China have been
very serious, causing enormous damage to health, and doing social harm, for a long period.

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 Australia
• Natural gas fields are liberally distributed throughout the country and now supply most of Australia's domestic needs. Natural gas is
delivered in pipelines and typically fuels hot water, appliances and heating.

• Australia has rich deposits of uranium ore, which is refined for use for fuel for the nuclear power, medicine, industry and agriculture

• However, some of Australia’s natural resources are exported making it the largest producer of coal and iron. The country is also one
of the top exporters of nickel, gold, uranium, diamonds, and zinc.
Export by material in Australia
GPD contribution by Sector Australia

Gold
8% 10% Iron Ore
6% Coal
4% Oil
3% 21% Other
8% Aluminium
Alumina
6% LNG
Base Metals
34%

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 China
• China has extensive deposits of coal, oil and natural gas. Besides these fossil fuels, China is a top producer of many different metals and
exports a majority of it. Leading the world in domestic mining of gold, zinc, lead, molybdenum, iron ore and coal.

• China is more remarkable as a consumer of minerals than a producer of them. It is now one of the world's largest consumers of metals.
The primary use of raw materials in China is used to make cars and appliances, build railroads and high rises, Electronics, aircraft, and
many other products.

Export by country in China GPD by Sector

9%

Agriculture
43%
Industry

48% Services

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Labour Force of Australia and China
Australia has 75% of its labour force employed in the tertiary sector, such as tourism and services. In contrast, only 21% of the Australian
workforce is employed in the secondary sector, while primary jobs like agriculture take about 4% of the workforce.
China, on the other hand, has more even distribution of its labour force among the three sectors, with 36.7% employed in primary jobs, 28.7% in
secondary jobs and 34.6% in tertiary jobs.

Labour force by sector - Australia Labour Force by sector - China

4%
21% Teritary Teritary
37% 35%
Secondary Secondary
Primary Primary

75%
29%

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In conclusion both Australia and China have both strength and weakness in their economic systems. However,
China faces significant challenges in the medium term to address growing imbalances in its economy, High
pollution levels and China's macroeconomic levers will need to evolve to ensure the current GPD growth is
sustainable. Whilst Australia needs to seek to improve economic growth, distribution of job sector and meeting the
World Health Organization's recommended thresholds in pollution
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China vs Australia
The Australian economy relies heavily on exports with 21.8% of goods and services as percentage of GDP with 10% being natural
resources. Whilst the China economy mostly import natural resources, which is used for manufacturing contributing to 27.17% of China's
GDP and 28% of global manufacturing output.
Australia's HDI is 0.944, reflective of a highly developed country and economy ranking 8th in the world . on the other hand China's HDI is
only 0.761, is ranked 85th in the world and is still regarded as a developing country.

GPD contribution by Sector Australia GPD contribution by sector - China

4% 2%
Other
7% Industry
27% Wholesale and retail trade
7% Fiancial intermedation
Agriculture and Farming
7% Construction
Real estate
8% Transport
Services
9% 27%
China vs Australia
China is a planned economy where the country uses command planning or government planning to allocate resources according to the
priorities for production set by a state planning authority or agency.
In comparison, Australia is a mixed market economy where the private sector makes most of the economic decisions while the government
plays a significant role in providing collective goods and services, regulating some private sector activities, redistributing income and other
relevant economic activities.

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