Changing China

How do the levels and sources of GDP in the U.S. compare to those of the Eastern world or Asia?

With recent political changes, China also has a changing economy, with a GDP of approximately 4.5 trillion dollars. In 1949, China became a communist country. The government decided what crops would be grown and at what price they would be sold. However, China’s economy is now becoming a free-enterprise system. Foreign trade is now encouraged, and people are starting to choose their own careers.

How do these changes affect their GDP? The fact that China has asked other countries to invest in Chinese businesses may raise their GDP. China is more willing to import and export different kinds of goods.

Chinese people are starting to get the opportunity to choose their own occupations. In turn, many are making better wages. With a higher income, people can start their own businesses and have more money to purchase consumer goods, such as televisions or cars.

The GDP in Japan

Japan is a fairly small country, but its size does not reflect its giant economy. Japan has a GDP of approximately 3 trillion dollars. Japanese businesspeople make use of every resource that the country can provide. What are a few things that go into the calculation of the GDP in Japan?

Even though their available farmland is limited, tiny plots produce most of the food in Japan. The food is then sold to consumers or exported to other countries. The Japanese people use high-tech fertilizers and modern machinery to make their products grow. Rice grows everywhere in Japan! It is even planted in large cities between buildings and highways!

Japan is known for its ability to create and use technology. The use of technology leads to the creation of popular products of high quality, such as cars, computers, cameras, and even robots! Although Japan must import many materials to manufacture goods, large businesses use these goods to produce many products for export.