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USA and China economy compare and contrast
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“Made in China” is a label we can find nearly every product in the US consumer market, moreover the world market. The products that are made-in-China replaced the made-in USA gradually and nowadays it is hard to find the products which are not made in China, all over the world. The US was the biggest supporter of the growth in Chinese Economy and the National power, unintentionally. China was able to take over world’s processing industry because America gave up the industry. It allowed China to become the world number one merchandise manufacturer in these days. As their Economy grew, the China’s national power grew up as well. Now, China is one of the world’s economic leaders as well as the United States of America. Though, as the process of Chinese economic and national power grow, an intricate conflict with America has begun; as a root of trade imbalance. The trade deficit of China caused economic depression in the States and the citizens blamed China for all the accompanied issues. However, China did not stir up the economic, racial and politic issues that America faced.
According to the U.S Department of Commerce, in January of this year American imported $ 38,187 million and exported $ 10,357 million already made $27, 839 deficit in 2014. The total trade deficit was $318,417 million in 2013, when it was $226,877million in 2009 and $ 162.254 million in 2005. The imbalance has been rose every year henceforth China became the member of the World Trade Organization (WTO) in 2001, the Chinese economy was growing by 18% each year when the US below 3%. Confronting the trade imbalance with a developing country is not the first time for the US. As the precedent, American consumable market was the driving force of the Japanese econo...
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Zhong , Shan. "U.S.-China Trade Is Win-Win Game."Embassy of the Poeple's Republic of China in the United State of America. n. page. Web. 23 Mar. 2014. .