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Australia Vs China Economy Essay

1118 Words5 Pages

Australia and the People’s Republic of China share a strong economic relationship; characterised by their involvement in APEC and their dependency on each other’s imports and exports.

Australia is a mixed-market economy, located in Oceania and is bordered by Indonesia and New Zealand. Australia is governed through a parliamentary constitutional monarchy; this incorporates principles from the Westminster and Federalist Senate system. In this form of government, voters elect a federal parliament to serve for a term of three years.

Conversely, the Chinese government is a socialist republic governed by the Communist Party of China (CPC). Despite having a voting system, many of the representatives are elected through the CPC. Due to its type of governance and its recent capitalist approach on the economy, China is classified as an economy in transition. China is situated in East Asia and bordered by Taiwan and Japan.

This report will compare and contrast the Australian and Chinese economy in 2015. To achieve this, it will evaluate each country’s standard of living and role of government, by analysing economic indicators …show more content…

Since economic resources are limited, a higher population and population density will theoretically decrease the amount of resources available to each person consequentially affecting standard of living as individuals won’t be able to access certain necessities and luxuries. In the world, Australia was ranked 52nd for population and 227th for population density. Whilst China had a population of 1, 382, 323,332 people and a population density of 146.058 people per square kilometre of land area. This placed China 1st in the world in regards to population and 2nd in terms of population density. Comparatively this meant that Australia had a better standard of living, as more resources were available to its

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