INTRODUCTION
After discussed among our group members,we decided to choose China and Japan as the countries for this group assignment.
As we all know,China is the world’s largest economy after the United States.China has favourable condition of economy with fastest-growing major economy.China have the largest manufacturing economy and become the largest exporter and second importer of goods in the world.Economy of China is the fastest-growing consumer in the world.
Whereas,we selected Japan because of the economy of Japan is the third largest in the world by nominal GDP, the fourth largest by purchasing power parity and is the world's second largest developed economy.Jpan has the largest electronics goods industry and always become among the world’s most innovative countries.
Japan and China are eventually facing increasing competition between each other.
Gross Domestic Product (GDP)
Gross Domestic Product (GDP) is the total market value of a country’s output. It is the market value of all final goods and services produced within a given period of time by factors of production located within a country. GDP is concerned only with new or current production. Old output is not counted in current GDP because it was already counted when it was produced. For example, a house is counted in GDP only at the time it is built, not each time it is resold.
Discussion
GDP of China in 2012 was equal to 8358.4 billion US dollars, second ranked in the world. Share of GDP of China in the world was 11.5%. GDP per capita in China in 2012 was worth 6070 US dollars. In China, the authorities are trying to steer the economy toward more domestic consumption and growth in the service sector. China is the largest manufacturing economy in the world. China al...
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...employment rate is 4.14% while Japan unemployment rate averaged is 2.70%.This shown that China has higher unemployment rate than Japan.
DIFFERENT IMPORT AND EXPORT BETWEEN JAPAN AND CHINA
JAPAN CHINA
Import Applying China the higher once Applying Japan the higher once
Export Exported to China was higher Not bigger exported to Japan
Economic Complexity Index Higher ( 1st rankings) Low than Japan (27th rankings)
Investment Barely attracts any capital from China. It counts $560 million of total foreign direct investments from China as of the end of 2011 Took in $6.3 billion in foreign direct investment from Japan in 2011
Trade China is Japan’s largest trading partner China’s second-biggest trading partner is Japan
Travel & Tourism Not very committed China was Japan’s No. 1 international tourism destination in 2011
Largest Economy Low than China Highest than Japan
Japan and China reacted differently to the reforms of Imperialism. When put under pressure, Japan succumbed to the power of Western Imperialist ideas. Conversely, China, resisted for a long time. As a result, Japan had more technology, while China was unenlightened of the new advances. Japan also gained more respect from other countries, that China did not have.
Within a short period of time, Japan had caught up with many Western technologies; having established universities, founded telegraph and railroad lines, as well as a national postal system being created. Shipping and textile industries were a huge success an exports rose.
Ejim, Esther, and Kaci Lane Hindman. "What Is the Relationship between GDP and Unemployment Rates?" WiseGEEK. Conjecture Corporation, 13 June 2017. Web. 04 July 2017.
Sitting close to the edge of being a “developing” and a “developed” country, China is a difficult country to define neatly. It is a country with an ancient and traditional culture trying to position itself higher within the international community. Plus it is also a communist country that has come to embrace its own form of capitalism to fuel its economy. China’s economic boon has been beneficial to many people within the country. But not to all people within China evenly.
Today, Japanese and Korean civilizations are advanced, wealthy, and independent with their own system of government and religious beliefs due to the influences from China. The majority of Asia experienced changes in government and dealt with inter and intra state conflicts when the countries were most susceptible to influences from alliances made with other countries. The Tang Dynasty/ Silla alliance shaped the future of Korea’s religious and government movements. Art and literature from China also greatly impacted Korea’s and Japan’s society and provided new insight into literary expression through new forms of poetry and a new system of writing. Religion was also a major influence because of popularity and acceptance of new views and beliefs. Agriculture played an important role in the development of Korean and Japanese civilizations because new tools and forms of irrigation led to more efficient harvesting. The bulk of Chinese influence impacted Japanese society through the Heian period and Korea was heavily influenced by Chinese culture during the period when Silla unified Korea. Although there were many factors of Chinese culture that influenced Korean and Japanese civilizations, religion and government legislation had the most impact.
During the 19th Century, China and Japan each responded differently to western penetration. China was against industrializing and did not want to create an empire like those of the western empires. Japan however learned that if they wanted to survive they had to adopt the changes that the western empires were adopting. Japan began to create an industrialized society and soon became one of the major industrial powers. China went through many rebellions and finally decided to industrialize just enough to be able to fight off the western empires. However, they did not industrialize fast enough or big enough, and they could not defeat the west. Although they responded differently, both China and Japan were affected by western penetration economically,
With a population of 1.357 billion (2013)3, China is the most populated country in the world. Along with the huge population comes a market that is unmatched by any other country of the world. Both domestic companies and foreign companies want to tap into this large market that just recently embraced capitalism and entered into the World Trade Organization.
From the 1970s, there has been a wave of liberalization in China, which was introduced by Deng Xiaoping. This is one of the key reasons to the rise of China to be one of the economic giants in the world. In the last 25 years of the century, the Chinese economy has had massive economic growth, which has been 9.5 percent on a yearly basis. This has been of great significance of the country since it quadrupled the gross domestic product (GDP) of the country thus leading to saving of 400 million of their citizens from the threats of poverty. In the late 1970s, China was ranked twentieth in terms of trade volumes in the whole world as well as being predicted to be the world’s top nation concerning trading activities (Kaplan, 53). This further predicted the country to record the highest GDP growth in the whole world.
Zhu, Y. & Warner, M. (2000). “An Emerging model of employment relations in China: a divergent path from the Japanese?” International Business Review, 2000, Vol.9 (3), pp.345-361. [03 April 2014]
China's development is praised by the whole world. Its developments are not only in the economic aspect, but as well in its foreign affairs. Compared with other developed countries, China is a relatively young country. It began constructing itself in 1949. After 30 years of growth, company ownership had experienced unprecedented changes. Entirely, non-state-owned companies can now be more involved in sectors that used to be monopolized by state-owned companies.
GDP measures the total value of all goods and services produced within that territory during a specified period. GDP is used to measure a country’s wealth. Basic’s of life, food, etc. shelter and clothing is not likely available to most people in poorer countries. The.
...st and stand in the world. It is predicted that China will one day be the largest economy growing country in world. They continually growing and rebalancing their world to be the best. The growth of economy will depend on the Chinese government comprehensive economic reforms that more quickly accelerate in China transition to a free market economy. The consumer demand, rather than exporting the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental. (Morrison, 2014,para2)
Fischer, Tristan. “What Happens When China Becomes the Largest Economy in the World?” History, Future. Now. Tristan Fischer. 17 Nov 2012. Web. 29 Apr 2014.
China has also expanded their trading industries with countries such as South Korea, Japan, Taiwan, ASEAN, India, Russia and Hong Kong. This has not satisfied the Chinese greed for income as they also export and import goods to American countries, name...
Unemployment rates is the number of unemployed people divided by the number of people in the labor force. According to IndexMundi (2018), the unemployment rate of whole world in year 2017 is 7.9%, which was increased 0.6% compare with year 2016.