China - US Economic Comparison Marketing Assignment

Contrast between the US and Chinese Economy
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Thesis
China and America are two economies that are very competitive and are regarded s the two giant economies in the world. The United States of America has enjoyed the being the best economy for over 140 years, and economists estimate that it contributes to approximately 22% of the world's GDP. Comparatively, in the recent years, China has overthrown the US economy regarding economic strength. The measurement is done based on the purchasing power parity. The two economies have differences as discussed below;
The Economy
The International Monetary Fund recently reported that since the year 2014 China has served as the largest economy in the world. China availed a gross domestic product of $17.63 trillion. Earlier then, the biggest economy was from America but compared to the economy of China it had a gross domestic product of 17.42 trillion.
Property ownership
In China, most land and area is owned by the government which allocates contracts of utility to the private sector hence giving room for taxation. This is contrary to the US economy whereby most land and property is owned by the individuals and private organizations. This means that the government has to buy goods and services from the private sector.
The exports and savings
China contributes to 50 percent of exports and savings to the GDP. The central focus of the Chinese economy is savings. America is surpassed by the Chinese economy when it comes to savings and exports. It contributes 18% to GDP proving a lower value to the Chinese economy.
Demography
Comparatively, when it comes to the population of individuals in the given countries, China has a population of 1.371 billion people (2015) with a life expectancy of 75.78 years as per the 2014 reports. The United States has a population of 321.4 million people (2015) with a life expectancy of 78.94 years. Therefore the Chinese economy surpasses the American economy when it comes to population. (Mai, Y., Peng, X., & Chen, W. 2013)
Expenditure on military
The Chinese government does not spend hugely on the military. In the year 2015, the government spent $146 billion in the military. The United States government spends more money on the military forces compared to the Chinese government. In the year 2015, the US government spent $601 billion an amount that outweighs the first seven highest spending countries in the military. (Dimitraki,O.,& Menla Ali, F. 2015)
Poverty levels and inequality
Reports showcase China having the biggest inequality differences in its economy. The poverty leve...