India Vs China Economy Growth 2011: China Tops the Competition
Comparison between the Two Countries Facts and Figures
When the business people and economists make the inevitable comparison of India vs China economy, the two rising giants of Asia, it is always China that holds the top position. The economy of China has always outpaced the economy of India in almost every measure. The Chinese government is very prompt at making and implementing new effective policies whereas the government of India always lags behind. The Indian political system always appears to be chaotic and sluggish in this regard.
A contrast in the airports of Beijing along with Delhi and Mumbai would give you the practical visuals of the infrastructure of these two countries. Wide freeways and shiny new airport in Beijing have set the modern development models. On the contrary, the sagging infrastructure of Mumbai and New Delhi shows a sharp contrast. With the emerging global economy after the recession, India comes second to China. According to the trade reporters, the leadership quality and well-planned economic strategy of China during the crisis period have helped the entire Asian region to lift up from the economic downturn.
If you are interested to know China economy facts, you must go back to check its history in the 18th century when its economy was the largest in the entire world. At that time, 25% of global output came from China. However, it came to be known as the “the poor man of Asia” in the first half of the 20th Century. In 1949, China’s population was quarter of the world’s population and hence, it could produce only 5% of global output. With agricultural technology which was developed about 1000 years ago, China helped about half a billion people in the year 1850.
About 89% of the population of China lived in the countryside in the year 1949 and the agricultural product accounted for 60% of the economy output in total. The economy of China had the tendency to double its size every eight years since 1978. The GDP of China grew 9.6% every year between 1978 and 2005.
China has seen explosion in the international trade between 2000 and 2007 with growth of imports about 425% and increase in exports almost 490%. The comparison between India vs China economy 2011 has proved that China is far ahead of India. India would really have to work hard on its policies and strategies to reach or attain what China has achieved. The huge growth of China’s economy helped its people to come out of poverty.