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Chapter 16
China and India
| Question | Answer |
|---|---|
| Which three countries become the top economic powers by the year 2050 according to Goldman Sachs? | According to Goldman Sachs, the world’s three top economic powers will be China, India and the US. |
| What are some of the considerations used by Goldman Sachs for predicting that China and India will be top economic performers in 2050? | Goldman Sachs was looking at the following measures when predicting China and India being the top three performers. - population size - nominal GDP - annual growth rate - global export - manufacturing |
| What is the population of China, and that of India? | The population of China is 1.36 billion, and that of India, 1.25 billion. |
| What is China’s nominal GDP and India’s for 2013 according to IMF report ? | China’s nominal GDP was $9.5 trillion for 2013; India’s was $1.9 trillion. |
| What is the annual growth rate of China’s economy and growth rate of India’s? | China’s economy has been growing by around 9% annually and India’s, by 7% over the past decade or so(but the IMF expects 2014 growth to be only 4.6%). |
| What is the size of China's global export trade? How about India? | China is the world’s largest exporter, with $2.2 trillion of goods and services exported during 2013. India is ranked 17th in exporting countries, trading around $313bn. |
| What is the size of China's global export trade compared to EU and US? | China's export is $2.2 trillion more than the whole EU ($2.1trillion) and the US ($1.6 trillion). |
| What is the the size of trade imbalance between China and US? | The US trade gap in 2013 was $703bn. |
| Why does US worry about its trade imbalance with China? What is the effect of trade gap on the US economy? | Because the trade imbalance or trade deficit or trade gap with China is estimated 703bn in 2013 which has displaced 2.8 million US jobs between 2001 and 2010 alone. |
| What is the cause of the trade deficit or imbalance between China and the US? What is the US doing about it? | The cause of the trade gap is the manipulation of the renminbi. For this reason US puts pressure on China to revalue its currency. |
| What is China’s foreign exchange reserves stood at the end of 2013? What does this amount mean when compared to the next largest holder of foreign exchange reserves – Japan? | China’s foreign exchange reserves stood at $4.1 trillion at the end of 2013. This amount exceeded the next largest holder of foreign exchange reserves – Japan, with $1.3 trillion of foreign exchange reserves. |
| According to the World Bank which of these two countries have manufacturing economy? China or India? | China 32% of GDP, as opposed to India’s 13%. |
| Which country is the biggest steel producer in the world China or India? What is the effect of this production? | China is the biggest steel producer in the world, although India’s Mittal is the biggest steel company. |
| China is the biggest steel producer in the world. What is the effect of this production? | As a result of all this manufacturing activity, China is a huge importer of raw materials, representing more than 25% of global demand for copper, aluminum, tin and zinc. |
| China is the biggest steel producer in the world. What is the effect of this on import? | China is also importing large quantities of components, in particular from Asia, oil (second after the US) and cars. |
| What kind of goods does china export? Is it all low -cost, low-tech goods? | China’s exports both low-cost, low-tech goods. Its high tech share was 6.5% and by 2013 is rose to 36.5% According to the Financial Times (18 March 2014). |
| Which of these countries an entrepreneurial economy? China or India? | India is perhaps better known as an entrepreneurial economy, with services 57% of GDP, as opposed to China’s 46% (but growing). |
| A 2012 report forecast that China and India would account for what percent of all the world’s graduates by 2020. | China and India would account for 40% of all the world’s graduates by 2020. |
| How many millions of households would be middle-class households in China and India? | According to Ernst &Young forecast that China’s middle-class households could rise from 55 million to 500 by 2020; in India it is expected that 200 million individuals could do the same. |
| Both China and India are considered poor in comparison with countries like UK where GDP per capita is $39,337. Can you explain in relation to GDP per capita, poverty line and standard of living? | - China’s GDP per capita was $8,807 and India's GDP per capita $1,499 in 2013. - In India, 180 and in China 138 million people live below the new poverty line. - In China, 669 and in India 850 millions people live in rural areas. |
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