3⃣China's Economic Growth

During class we learnt about China's economy. China is 2nd in the world in terms of total GDP(Gross Domestic Product), and its economy is increasing rapidly with an average of 10% for the past 3 decades.China's population is about 1.4 billion, thus with China's massive population, there are more people to do cheap labour.
China's land mass is 3854082 square miles, thus building spaces for economic activities to be conducted(factories) will be cheaper than in other countries, enabling mass production of products. 
China's corporate tax rates at 25%, is one of the lowest in the world, resulting in more foreign investors being attracted to do business with China. With its low tax rate, it attracted more and more countries to trade with China at cheaper costs compared to its greatest trading partner, USA, which has a higher tax rate.
 China joined WTO(World Trading Organization) in 2001, which benefitted China as they gained access to more international markets for exports, and enabled more foreign investors to enter China freely for business. These factors helped to slowly increase China's GDP.
Singapore trades with China and other countries, due to the lack of natural resources. However, even though China is ranked higher than Singapore in terms of total GDP,  Singapore is ranked higher than China in terms of GDP per capita, proving that the income inequality gap(rich vs poor- rich get richer, poor get poorer) in Singapore is smaller than in China. This shows that Singapore is more prosperous than China, which could be due to its small land size, as the government can take care of the citizens' needs better. All in all, I think Singapore should maintain good relations with other countries to bring trade into our ports, as it could be helpful in the future.