Compare and contrast the economies of China and the United States. Be sure to address such...

Compare and contrast the economies of China and the United States. Be sure to address such issues as balance of trade between China and US and other factors that might impact the economy

Expert Solution

1. The United States has had the world’s largest economy for about 140 years, and it roughly accounts for 22% of global GDP. However, in recent times China has overtaken the US by at least one measure of total economic strength, which is GDP based on purchasing power parity (PPP).

2. While comparable in total size, the makeup of each economy is totally different. United States is a sophisticated and highly diversified economy that is based on services, finance, and consumption from the middle class. China has similar aspirations in the future, but right now it is resource-intensive growth engine making the transition from a manufacturing hub to a consumer-driven economy.

3.

	China	USA
1. GDP Per Capita	$16,600 (2017 est.)	$59,500 (2017 est.)
2. Inflation Rate	1.8% (2017 est.)	2.1% (2017 est.)
3. UnemploymentRate	4% (2017 est.)	4.4% (2017 est.)
4. Exports	$2.157 trillion (2017 est.)	$1.576 trillion (2017 est.)
5. Imports	$1.731 trillion (2017 est.)	$2.352 trillion (2017 est.)
6. Debt (External)	$1.649 trillion (31 December 2017 est.)	$17.91 trillion (31 March 2016 est.)
7. Forex	$3.194 trillion (31 December 2017 est.)	$117.3 billion (31 December 2016 est.)
8. Current A/C Balance	$162.5 billion (2017 est.)	-$462 billion (2017 est.)
9. Budget Surplus(+) /deficit(-)	-4% of GDP (2017 est.)	-3.4% of GDP (2017 est.)
10. Distribution of Family Income ( Gini Index)	46.5 (2016 est.) 46.2 (2015 est.)	45 (2007) 40.8 (1997)

Rahul Sunny answered 2 years ago

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