Idioms of Economic Development
China and India have some of the most advanced economies in the world today attributed to the overall impacts that they tend to have on an economic perspective (Zhou, 2014). An evaluation of the different idioms of economic development shows notable areas of similarity and differences between these two countries. When reflecting on the similarities between the economies, one of the key idioms of economic development to consider is the size of the economy. When evaluating these two economies, in terms of their size, it becomes clear that they are among the largest economies attributed to the huge populations in the countries. According to 2017 census information, the populations in China and India are 1.386 billion and 1.339 billion respectively. That serves as a clear indication that indeed these two economies may be in a position allowing them to show similarities in terms of their sizes.
The second key idiom that shows notable similarities between these two economies is the role of the government in economic development. In both cases, the Chinese and Indian governments play notable roles towards defining the economic direction, which serves as a clear indication of the fact that indeed the governments determine the economic direction. The similarity can be seen from the fact that both governments have been involved in seeking economic partners that would help influence their growth capacities significantly (Zhou, 2014). China has been on the forefront towards investing in Africa as its economic development partner while India has shifted towards the west with the prospects of aligning itself with some of the developed countries including the United States and Britain. From this perspective, it is clear that indeed the economic paths that both countries are taking may be likely to push the countries towards greater economic success.
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On the other hand, one of the notable differences between these two economies can be seen from the quantitative and qualitative features associated with both economies, which presents a stark contrast between the countries. In the case of India, one of the key aspects to note is that it relies heavily on its large internal market for purposes of building economic development. According to India’s Ministry of Statistics and Programme Implementation, the country’s external trade accounts for approximately 20% of its GDP, which is a clear indication of the trade prospects associated with the internal market (Zhou, 2014). However, this is not the case in China, as the country relies heavily on international trade as a key prospective that defines its economic growth capacities as it moves into the future.
Political Implications
What can be noted from the significant economic growth prospects in both countries is the fact that their respective idioms of economic development have had serious political implications. In the case of China, its significant investment in international trade has been seen as one of the key factors that seeks to define its political influence in different parts of the world. Currently, China is seen as one of the countries with the highest political influence in the world today compared to others such as the United States and Britain. In the case of India, the political implication of its economic idioms can be seen from the influential role that it plays in stabilizing the region. India is seen as one of the key economic development partners in the region attributed to the notable growth of its economy, which has helped towards building its prospects for a more advanced role.
References
Zhou, W. (2014). Comparing the Economic Growth of China and India: Current Situation, Problems, and Prospects. World Review of Political Economy , 5 (4), 455-471.
