Economic growth of China and Singapore

During today's CID lesson we learnt about China's economy . China is the world's fastest-growing major enconomy , with growth rate averaging 10 % over the past 30 years . It has even overtook Japan and is now in second place in terms of GDP ( Gross Domestic Product ) .

Some of the reasons is probably China's high population and large land area . China's population is currently 1.4 billion , which results in very cheap labour as more people is available to do the jobs . China also have a large land area of 9.6 million , hence builing facteries is not very expensive , enabling mass production of goods without actually using a lot money . These factors encouraged the GDP of China to increase steadily .

China also opened up their country to international trade ， proposed to keep China open to trade with all countries on an equal basis . This opened a new and bigger market to China . Singapore was one of the countries th trades with China because Singapore do no have a lot of natural resources . This will hopefully increase and strengthen Singapore's business trade . 

However , even though Singapore's ranking in terms of GDP is not as good as China , we are doing quite well in terms of income per capita . This means that Singapore is developing itself in a bakanced way with most people being able to follow the steps . I think that being small in land area might be an advantage for Singapore too as it is easier for the government to take care of every resident and provide additional help to the poor .

 If we continue to develope this way , I feel that Singapore will eventually become one of the best countries in term of balanced society .