Student A and Student B 23/3/17

A comparison of China and New

Zealand

Student A and Student B | Individualities and Societies | 23/03/17

Table of Contents
Introduction ................................................................................................................................. 2
China ............................................................................................................................................ 2
The Economy ........................................................................................................................... 2
Government ............................................................................................................................. 3
Taxation: ............................................................................................................................... 3
Education ............................................................................................................................. 3
Healthcare ............................................................................................................................ 3
Key Industries .......................................................................................................................... 4
Agriculture ........................................................................................................................... 4
Services ................................................................................................................................. 4
Manufacturing ..................................................................................................................... 4
Import/Export Partners and Products ................................................................................... 5
Trade Agreements/Sanctions ................................................................................................. 6
New Zealand ................................................................................................................................ 6
The Economy ........................................................................................................................... 6
The Government ...................................................................................................................... 7
Import/Export Partners and Products ................................................................................... 7
Trade Agreements ................................................................................................................... 8
Compare and Contrast ................................................................................................................ 9
Introduction ............................................................................................................................. 9
Trade Partners ....................................................................................................................... 10
How does the government interfere in the ECONOMY? ................................................... 10
Wealth Distribution .............................................................................................................. 10
Conclusion ............................................................................................................................. 10
Works Cited ................................................................................................................................ 11

PAGE 1
Introduction
Today the ideas of Karl Marx and Adam Smith are implemented in modern economies.
Adam Smith Believed that the invisible hand in the free market would guide the demand
and supply of goods automatically without the interference of the government. Karl Marx
however, believed that the free market economy was flawed and that it would cause
tensions within the economy that eventually would destroy capitalism itself. He thought
that the free market economy was only beneficial for the wealthier upper class. He instead
believed that true equality was when the government controlled the economy so it could
be distributed equally. We will in this essay conclude which economic system we think
works better by comparing and contrasting both economic models using China and New
Zealand as examples.

China
China is a country in eastern Asia. China experienced a civil war in 1927 after world war 2 Mao
Zedong established an autocratic social system that preserved Chinas supreme power and strictly
controlled everyday life but at the same time killed millions of people. When Mao died in 1976
his successor Deng Xiaoping introduced new reforms in 1978 with a market-oriented economic
development. This resulted in Chinas GDP rapidly increasing.

A command economy is a system where the government decides which goods are produced, how
much of it is produced and the pricing for what it is sold at. There are private businesses in china
but most of the money management and financial decisions are made by the central government.

After china shifted from a centrally planned economy to a market based economy they
experienced a rapid growth in GDP. In 1978 China established new reforms implementing
incentives for agricultural farmers in rural areas allowing them to sell a portion of their crops in
the free market.

However, Chinas economy remains mostly command economy and there is currently no
momentum for new reforms.

THE ECONOMY
As of 2016, Chinas GDP was 11.39 trillion dollars. China's economy has grown
increasingly faster since 1978 when new economic reforms were introduced. The Chinese
government official statistics show that real gross domestic product (GDP) from 1979 to
1999 was growing at an average annual rate of 9.7 percent, making China one the world's
fastest growing economies.
In 2016, its growth rate was 6.6 percent which is the slowest growth rate in 26 years.
China has a population of 1,373,541,278 people, with a GDP per capita at 15,400 dollars
ranking China 104th in the world according to the CIA world fact book. China has an

PAGE 2
 unemployment rate of 4.2 percent and has shown a downwards trend since 2009.
Inflation rate in 2016 was 2.3 percent. (CIA Factbook)
In China the poorest 25% owns 1% whereas the richest 1% percent owns 33.3% of the
nations wealth, it is among the countries with the biggest income inequality. In 2012
Chinas income inequality was at 0.49. The world Bank classifies countries that are over
0.40 as severe income inequality. (Financial Times)

GOVERNMENT
There are many companies in china that the government controlled. The government also owns
many subsidies and land.

Taxation:
The taxation system that China is currently using was implemented in 1994 to suit the
less command economy that China had become after earlier reforms. Since then the
Chinese government has made several small adjustments to the system. The Chinese
taxation system currently has 18 different taxation methods that can be split into 3
categories

Goods and Services Taxes
- VAT, Excise tax, Business tax, Vehicle purchase tax, Customs duty.
Income Taxes
- Corporate income tax, Individual home tax.
Property and Behavior taxes
- Land Appreciation Tax, Real estate tax, Urban and township land use tax,
Arable land use tax, deed Tax, Resources Tax, Vehicle and Vessel Tax,
Stamp Duty, Urban Maintenance and Construction Tax, Tobacco Tax, and
Vessel Tonnage Tax.

(http://www.chinatax.gov.cn/eng/n2367731/index.html)

Education
In China, all citizens attend 9 years of obligated education provided by the Central
Government. At the age of 6 to 7, Chinese citizens begin their primary education lasting
6 years. Afterwards they study 3 years of junior secondary education. Since 1985 the
government hasnt paid for higher education so the citizens must compete for getting into
universities.

Healthcare
Roughly 95 % of the citizens in china have basic health care insurance. However, this
insurance only covers very basic medical costs and not doesnt cover costs of serious
chronic illness.
(http://en.nhfpc.gov.cn)

PAGE 3
KEY INDUSTRIES
Agriculture
In 2015, roughly 9 percent of Chinas GDP is from Agriculture. It also employs almost 34 percent
of Chinas population. Rice and wheat are the main crops grown, however, china also largely
grows, wheat, tobacco, potatoes, peanuts, millet, pork, fish, soybeans, corn, tea and oilseeds.
(http://www.investopedia.com/articles/investing/042815/fundamentals-how-china-makes-its-
money.asp)

In average a Chinese farmer earns 5000 yuan a year from selling rice and other crops. Taxes
cost about 4000 yuan and schooling costs around 2000 yuan. This meaning that farmers
children typically dont go to school and get an education forcing them to work on their
parents farm their entire life. Chinese farmers arent allowed to mortgage property because
the central government owns all the arable land, meaning they cant afford to buy equipment
or fertilizer to increase efficiency.

In China, the land for agriculture is scarce. Only 10 to 15 percent of the land in china is good
enough for growing crops. Crops are planted on the side of roads, on the side of buildings and in
traffic cones.

Although these measures are taken to maximise the output of crops, studies show that Chinese
farmers are some of the least productive in the world. Research by the Deutsche Bank show that
south Korean farmers are 40 times more productive than Chinese.

(http://factsanddetails.com/china/cat9/sub63/item348.html#chapter-4)

Services
While the manufacturing and agriculture sectors are slowing, the service sector is increasing its
output. In 2013 China had the third highest services output in the world, in 2015 it provided 50.5
percent of Chinas production. The service sector provides more than 300 million jobs for the 775
million working labourers. The service sector is cleaner and safer than working in a
manufacturing sector factory. Although the working hours are longer. The sector grows when the
GDP per capita increases due to more households being able to afford services.

(https://www.bloomberg.com/news/articles/2016-01-28/china-trumpets-its-service-economy)

Manufacturing
China is considered the largest manufacturing economy in the world. To date the growth of its
manufacturing sector has been built on its high number of low cost labourers and natural
resources.

Currently Chinas main manufacturing goods are, textile manufacturing, machinery,

cement, food processing, transportation devices (trains, planes, and automobiles), consumer
goods and electronics.
(http://www.investopedia.com/articles/investing/042815/fundamentals-how-china-makes-its-
money.asp)

PAGE 4
China is still a developing country, but its manufacturing industry is coming under pressure from
the next generation of developing countries such as Vietnam and xxx, because their
manufacturing costs are lower. Chinas 12th 5-year plan includes moving the manufacturing sector
away from low-cost goods such as steel beams and plastic toys. China will instead focus on
energy saving and environmental protection technology as well as high end equipment
manufacturing. The Chinese economy believe that this action will generate more years of
economic growth and will ensure Chinas position as a leader in the manufacturing sector.

(http://reports.weforum.org/manufacturing-growth/china/#view/fn-3)

Main imports (2015):

IMPORT/EXPORT PARTNERS AND PRODUCTS
Crude Petroleum 9.4%
In 2015 china imported a total value of 1.27 T USD, they Integrated Circuits 7.5%
exported 2.37 T USD giving them a total trade balance of Iron ore 3.4%
1.1 T USD. Petroleum gas 1.8%
Copper ore 1.4%
In February 2017 China had, for the first time in 3 years a
negative monthly trade balance. This could partly be Main exports (2015):
because of Chinese New Year holidays, but could also be Computers 7.9%
caused by political insecurity in the U.S due to elections Broadcasting equipment 7.0%
and in Europe due to Britain leaving the E.U.
Telephones 4.7%
Integrated Circuits 2.8%
Office machine parts 1.9%
China has several trade agreements with
many different countries. Chinas biggest Main import origins: Percentage: Import
trading partners are the United States and value:
the EU. However, these trade agreements South Korea 10% $132B
focus more in exporting manufactured United States 10% $129B
goods and not as much on importing. Japan 9.1% $116B
China has trade agreements with Germany 6.2% $78.6B
developing countries that focus on Other Asia 5.8% $73.4B
importing materials needed for
Main export Percentage: Export value:
manufacturing. A method used for
destinations:
establishing these trade agreements is
United States 19% $458B
Chinas Foreign Aid Strategy. China
donates money to a developing country Hong Kong 12% $273B
that the country then can use for Japan 6.4% $152
improving living conditions in return for Germany 4.1% $97.4B
mutual benefits. South Korea 3.8% $90.1B

(http://english.gov.cn/archive/white_paper/2014/08/23/content_281474982986592.htm)

PAGE 5
TRADE AGREEMENTS/SANCTIONS
China is one of the worlds largest manufacturing economies. They are involved in several trade
agreements. In 2001 China joined the World Trade Organization. China has agreed to free trade
agreements with; Australia, Korea, Switzerland, Iceland, Costa-Rica, Peru, Singapore, New
Zealand, Chile, Pakistan and ASEAN (Association of South East Nations).

Trade agreements under negotiation are; GCC (Gulf Cooperation Council), Sri-Lanka, Maldives,
Georgia, Israel and Norway.

(http://fta.mofcom.gov.cn/english/)

New Zealand
New Zealand is an Island in the southwestern Pacific Ocean. It has a population of around 4.6
million. Its key industries are food processing, textiles, machinery, finance, mining and tourism.
Over the past 30 years, New Zealand has evolved from an agrarian economy to a more
industrialized and free market economy. The growth has boosted incomes, but some people are still
at the bottom of the ladder. It has an open economy which works on free market principles. Their
economy has gone from being extremely regulated to one of the most free-market base economies.

THE ECONOMY
The most recent information (2016) on New Zealands GDP is estimated to be around $174.8
Billion. 9.7 percent of the GDP is used on public health expenditure. During the past year, their
GDP has grown by 2.8%. According to the World Bank, New Zealand has a high income, this plays
a part on their GDP/capita, which is $37.6 Thousand. There is a problem with their household
incomes. These inequalities may be caused by the peoples residence and Ethnicity. The Lorenz
curve helps to show the Wealth distribution in a certain country. New Zealand is close to having
perfect equality, with a Gini coefficient of 0.33. (CIA World Factbook)

The general inflation rate of New Zealand is an estimate of 0.6%. This means that the rate of
products is rising. To keep an economy running smoothly, the government or the central banks
must limit inflation and avoid deflation. (CIA World Factbook)

The life expectancy for the total population in New Zealand is 81.8 years. The CIA World fact
book has found that the life expectancy for females is higher than for males. This being 83.3 years
and 79.1 years. The same goes for the school life expectancy from primary to tertiary education.
The average amount is 19 years, but for males it is 18 years and for females it is 20 years. (CIA
World Factbook)

PAGE 6
THE GOVERNMENT
The Treasury is a group that provides advice to the government in New Zealand. They have found
that the most recent spending for education is $13.2 Billion for the 2015/16 financial year. Health
care is another important part, in which the Government tries to help. The most recent spending on
healthcare is $15.6 Billion for 2015/16. (The Treasury)

The top personal tax rate is 33% and the bottom personal tax rate is 10.5%. This means that if
someone has an income of NZ$70,000 they will have to pay the top personal tax rate and if they
have an income of up to NZ$14,000 they will have to pay the bottom personal tax rate. This implies
that New Zealand is not a command economy where everyone has to pay the same tax and earn the
same amount of money. This is a fair system because they are still paying the same amount, but
since one is earning less than the other the tax rate will be lower.

The government of New Zealand has a public debt of 34% in 2016. Their debt has decreased by
1% in the last year, going from 35 to 34 percent.

IMPORT/EXPORT PARTNERS AND PRODUCTS

New Zealand is known for its main import and export products. It is the 58th largest export
economy in the world, and according to the Economic Complexity index (ECI) it is the 39th most
complex economy in the world. (OEC)

As shown in Figure 1 the main import

products of New Zealand are Cars, Crude
petroleum, Refined petroleum, Delivery
trucks, Planes, Helicopters and spacecrafts.
They were the 57th largest importer in 2014,
when they made $41.6B dollars with imports.
The imports have increase in the last 5 years
by 11.1 percent. (OEC)

PAGE 7
 Figure 1: Main Import Products

Figure 2 shows us that New Zealands

main Export products are Concentrated
milk, Sheep and Goat Meat, Butter,
Rough wood and frozen bovine Meat. In
2014, New Zealand was the 58th largest
Exporter in the world, making $42.6B
with exports. The export rate has
increased by 10.4 percent in the last 5
years. (OEC)

Figure 2: Main Export Products

New Zealands main export partners are China ($6.14B), Australia ($5.7B), The United States
($4.18B), Japan ($2.27B) and The United Kingdom ($1.2B). Its main import partners are China
($7.07B), Australia ($5.25B), The United States ($4.78B), Japan ($2.79B) and Germany ($1.91B).
In 2015, New Zealand imported 35.7 Billion dollars and made 35.8 Billion dollars on exports. This
gave them a trade balance of 71.8 million dollars. (OEC)

TRADE AGREEMENTS
New Zealand has set up Free Trade Agreements (FTA) to help exporters and importers (traders)
by reducing the trade barriers in markets. (Customs Service)

New Zealand has a trade agreement with Australia and South East Asian nations (ASEAN). It is
called the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). (Customs
Service) In 2010, the AANZFTA came into force for the countries Australia, Brunei, Myanmar,
Malaysia, the Philippines, Singapore, Thailand, Vietnam and New Zealand. In 2011, Laos and
Cambodia joined the trade agreement and then in 2012, Indonesia joined in. The agreement
requires that a certificate of origin is shown when exporting to an ASEAN member.

In 1983, Australia and New Zealand created a Trade agreement called The Australia-New
Zealand Closer Economic Relations Trade Agreement (ANZCERTA). (Customs Service) This
agreement helps determine which products are Australian and which ones are from New Zealand.
In Australia, the exporter must show that the goods being traded meet the original criteria in the
Agreement and where the goods come from. In New Zealand, the importer must provide evidence
of either the certificate of origin, a declaration of origin or other evidence that prove the goods
follow the rules of the origin provisions (Customs Service).

China and New Zealand have a Free Trade agreement (NZCFTA) (Customs Service) which
came into force in 2008. New Zealand was one of the first countries to sign a free trade

PAGE 8
agreement with China. In 2016, the rules that came into effect earlier were changed. The exporter
must now show the Certificate of Origin number, where its requested.

The Free Trade agreement between New Zealand and the Republic of Korea (KNZFTA) came
into force in December of 2015. The importer is able to choose which document they seek from
the exporter or producer. It must contain all the necessary data elements to the trade agreement.

The last free trade agreement in New Zealand is with Malaysia (MNZFTA). It was entered into
force in August of 2010. Malaysia is part of the ASEAN-Australia New Zealand Free trade
agreement. The traders decide which agreement will provide the most benefits for their products.

New Zealand has two Closer Economic partnerships, one Strategic Economy partnership and
one Trade and Economic Co-operation agreement. (Customs Service) The two Closer Economic
Partnerships are with Singapore and Thailand. The agreement with Singapore came into force in
January of 2001 (ANZSCEP). The goods imported to Singapore are duty free. Since they are also
Part of the ASEAN-Australia New Zealand Free Trade Agreement and the Trans Pacific
Strategic Economy Partnership (Customs Service), the trader should consider the agreement
which will benefit their product the most. The agreement between Thailand and New Zealand
came into force in July of 2005. It was designed to improve business between the two countries
and reduce the cost when doing business. Traders who are trading in this area should consider
with agreement fits best with their products, the AAANZFTA Agreement or the Partnership with
New Zealand.

New Zealand and Australia offer preferential tariff treatment in the non-reciprocal trade
agreement called The South Pacific Regional Trade and Economic Co-operation Agreement (aka
SPARTECA). (Customs Service) To expert to a Forum Island Country, New Zealands products
will be duty free. Some of the Forum Island countries include Fiji, the Cook Islands, Tonga, etc.
In 2006 Brunei Darussalam, Chile, Singapore and New Zealand formed the Trans-Pacific
Strategic Economic Partnership Agreement (Pacific 4). (Customs Sevice) Most of the tariff
goods that are traded between members of their countries were removed. To claim preference in
New Zealand the importer must show evidence that satisfy the rules of origin provisions.

Compare and Contrast

INTRODUCTION
China and New Zealand are two countries that operate opposite economic models, one has a free
trade economy and one is a command economy. The current GDP in China is much higher than
the one in New Zealand, however the GDP per capita is higher in New Zealand. Chinas annual
GDP growth is 6.914% while New Zealands is only 3.393%. This is because China is starting at
a much lower GDP per capita and China has also increased exports therefore generating more
money. China is advancing faster than New Zealand, because theyre able to sell more products

PAGE 9
and raise their GDP faster. With an inflation rate of 2.3 percent, Chinas GDP is able to grow
more.

TRADE PARTNERS
Trade plays an important role in the economy of a country. With increased trade, the country's
GDP is able to grow. China has been able to generate more money from exporting produced
goods than they have spent importing goods they do not produce such as raw material like crude
petroleum and iron ore, which gives them a higher trade balance than in New Zealand. In 2015
China imported a total of $1.27 T USD and exported $2.37 T USD, while New Zealand was only
able to generate 35.7 Billion dollars on imports and 35.8 Billion Dollars in exports. This helped
China achieve a trade balance of $1.1 T USD, which is beneficial for the economy increasing
their GDP and thereby increasing the living conditions of its citizens. New Zealands main import
and export partner is China, while Chinas largest trade partner is the United states. Predictably,
due to population, China makes more money from trading than New Zealand, although New
Zealand has a higher GDP per Capita. New Zealand mainly focusses on exporting animal
products and food, China focusses mostly on exporting manufacturing.
With importing, New Zealands main imports are manufactured goods and transportation, while
Chinas is Mineral Products and subcomponents needed for manufacturing. This difference shows
what the government in these two countries has chosen to produce and import.

HOW DOES THE GOVERNMENT INTERFERE IN THE ECONOMY?

In china, the government heavily interferes with financial decisions in Chinese companies. This
characterizes it as a command economy. However, many Chinese citizens see China as a mixed
economy mostly leaning towards a free market economy due to reforms established in 1978,
although The World Bank classifies it as mostly Command Market. The New Zealand
government allow free trade and does not interfere in the same way as the Chinese do.

WEALTH DISTRIBUTION
In China the Gini coefficient is at 0.49 whereas in New Zealand it is at 0.33. China is classified as
with severe income inequality as it has a Gini coefficient over 0.40. New Zealand however, has a
much lower Gini coefficient which is preferable as high inequality slows economic growth, since
the poorer people do not have as much money to invest when most of the money is distributed to
a limited amount of people in the highest 10%.

CONCLUSION
Chinas economy is better at producing and exporting goods. It has a higher GDP and GDP
growth rate. However, New Zealand has a higher GDP per capita and its economy has much less
income inequality. The New Zealand government also provides basic needs free for all citizens
such as public education and education. The two countries are in different stages of economic
development. China remains a developing country with potential for accelerated economic
growth, which will slow as it matures. New Zealand is already a developed country with a lower
growth rate than China. We think that the New Zealand Governments economic model works
better than the Chinese governments does.

PAGE 10
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