Global: The US economies are a community that relies on industries, farming and other activities. Therefore, the people of such economies do not use global indicators to plan their activities. However, with rise in technology and education, the local economies highly consider global indicators to enhance their farming and agriculture and be prepared if there is any drop in the rainfall in particular season. Apart from that, Chinese economy is well developed in comparison to local economies. This economy largely make use of global indicators to make decision to which nation should be product delivered that will ensure higher exchange rate (Lieberthal & Jisi, 2012).
Ethical: Both local and Chinese economies consider ethical indicators to make firm and right decisions. The local economy makes right use of products in their farm to produce quality product for the consumers. However, Servaes (2012) mentioned that in order to earn produce higher quantity, the people compromises with the quality. On the contrary, the Chinese economy also takes account ethical indicators in product production and shipment. It helps the economy to trade their product in international market and increase the customer base. On the other hand, the government of Chinese economy focuses on the well-being of their people and takes decision what is ethically right for the people.
Political: Chinese economy is established market economy. The central government in China takes major economic decision so that opportunities can be increased in the market. The political environment is moreover stable which makes Chinese economy to grow stronger. On the other hand, the political environment in local economies is not that stable and is said to be corrupt. As a result, the growth of people that lives in local economies is meagre and receives less support from the government.
Physical: According to Kissinger (2012), physical condition of local economies is poor as their earning is less. Therefore, they are not able to receive better physical treatment support. On the other hand, it has been seen that death rate is higher in local economies. As a result, some NGO’s and government provide free medical service to improve their health and physical condition. On the contrary, the people relating to Chinese economy are in good position to avail better physical treatment and support. Moreover, the government also provide and arrange medical facility to improve the health condition of people.
Societal: Chinese economy tries to understand the wants, culture, taste and preference of the society and its people so that best value can be provided to them. As a result, the people are able to avail all the requirements that they need. On the other hand, in case of local economy, the societal indicators are also highly considered (Nathan & Scobell, 2012). As it helps the people know about the requirements of society so that they can involve themselves in the production of product that best suits society demand.
Chinese economy is expanding at 9.4% annual rate and $8.22 trillion economy of China is the world second largest in comparison to US $15.68 economy. Moreover, China is the biggest exporter and second biggest importer across globe. The per capita GDO of China in 2012 was $9233 whereas US has $49965. Apart from that, China is a dynamic capitalist nation where there is no freedom of speech. Moreover, people are sent to prison if they protest and also labour unions, civil liberties do not exist. Therefore, China’s economy is capitalist economy having authoritarian government. Furthermore, the growth rate and size of population have drastically grown. China is considered as only risk to US power (Lawrence, 2012). However, the foreign policy that is followed by China is defensive so that they do not suffer huge loss.
Apart from that, US are considered as political power by Chinese as they can harm the interest of China. The growth rate of China is more than US which means that China can cover will be successful in covering large market than US in coming years. However, US have edge over Chinese economy and are successful in meeting the demand of the people all around the globe. Moreover, US policy towards China involves encouraging free trade, direct investment and open markets. Therefore, it can be mentioned that democracy and capitalism can go hand in hand (Morrison, 2011).
The government of China has invested huge on technology due to increase in wages and losing low cost advantage. Therefore, internet technology is on disadvantage side. On the other hand, the US does not have any issues and people are freely accessing internet. In China, the internet is sprouting and the government can block Twitter but Sina Weibo is provided to people, which is a blogging site. Therefore, it largely influences the society if China by giving information within the nation (Zhao, 2015). However, it does not provide opportunity to people to connect with world rather they are constrained within the nation. On the other hand, as per BCG study, internet has helped US to gain $684 billion in 2010. The use of internet in US is rising year after year as it provides easy service to the people to trade and exchange with the world. Apart from that, about 4.7% has been accounted to GDP of US from internet (Lawrence, 2013). Therefore, in order to match with internet technology, China needs to make huge investment and allow people to use it freely.
The US economy is considered as capitalist economy where the group of body controls capital or money and takes economic decisions. Moreover, it can be discussed that the people that has wealth and power aims to increase their profit level. Therefore, government of US takes full control over the economy and makes policies that will best benefit the society and nation in terms of economic growth, foreign exchange, customers, etc. However, now US have been considered as mixed economy so that private commercial interest can be balanced by engaging with the private enterprise (Nye Jr et al. 2012).
On the other hand, the economy of China has risen significantly and is successful in lowering down the poverty level. China is authoritarian political system where the leaders take most of the decision for the economy. On the other hand, the economic system of China does not allow corporation to shape or refuse the decision made by the government. Therefore, national policies are decided by the government and enforced in the society (Kissinger, 2012).
It has been seen that there is imbalance trade and financial flows between China and US that has tighten the economic tangles and mutual relationship. US is not highly dependent on the financing of China of their scarcities. Private saving rate has risen in US and also current account deficit has declined. On the other hand, both the countries have increased their trades and US has tuned as major export markets in China. It can be noticed that exports from China has rose to $296 billion from $100 billion to US in 2009. As a result, it helped in building mutual trading partners. Apart from that, many US firms have opened their subsidiary or manufacturing unit in China such as Apple. Therefore, it can be understood that relation between in terms of trade and industries globalisation has increased between both the nations (Salidjanova, 2011). However, China does not consider US as a dominant export market. Moreover, China holds large trade surplus with US and also it can be mentioned that large exchange reserves has been invested by China in US bonds.
Kissinger, H. A. (2012). The Future of US-Chinese Relations. Foreign Affairs,91(2), 44-5.
Lawrence, S. V. (2012). US China Relations: Policy Issues. DIANE Publishing.
Lawrence, S. V. (2013, August). US-China Relations: An Overview of Policy Issues. LIBRARY OF CONGRESS WASHINGTON DC CONGRESSIONAL RESEARCH SERVICE.
Lieberthal, K., & Jisi, W. (2012). Addressing US-China Strategic Distrust.
Morrison, W. M. (2011). China-US trade issues.
Nathan, A. J., & Scobell, A. (2012). How China Sees America. Foreign Affairs,91(5), 32-47.
Nye Jr, J. S., Rachman, G., Mead, W. R., Mearsheimer, J., Walt, S., Feaver, P. D., ... & Lizza, R. (2012). The domestic sources of American foreign policy: insights and evidence. J. M. McCormick (Ed.). Rowman & Littlefield Publishers.
Salidjanova, N. (2011). Going out: An overview of China's outward foreign direct investment. US-China Economic and Security Review Commission.
Servaes, J. (2012). Soft power and public diplomacy: The new frontier for public relations and international communication between the US and China. Public Relations Review, 38(5), 643-651.
Zhao, S. (2015). A New Model of Big Power Relations? China–US strategic rivalry and balance of power in the Asia–Pacific. Journal of Contemporary China, 24(93), 377-397.
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