Wrting assignment Example | Topics and Well Written Essays - 750 words

Wrting - Assignment Example As per the China Daily report, for the same period, the nominal GDP was $1.87 trillion and PPP GDP was $5.07 trillion for India, another emerging economic power from Asia (â€Å"Top 10 countries..†). As per the report of Institute for Economic Competitiveness, the world’s largest economy United States posted a nominal GDP of $16.8 trillion in 2013, but the country’s GDP growth was only 2.3% for the first quarter of 2014. Official government data also indicate that the Chinese economy’s GDP per capita (nominal $6,747 and PPP $9,844) for 2013 assisted the country to strengthen its economic position in the global economy (â€Å"China GDP..†). China is a communist country, and hence it follows the communist principle of equal distribution of wealth and money among the people. As a result, income inequality is not a big problem in China as compared to capitalist countries like the United States and United Kingdom. However, some recent reports indicate that income inequality is turning out to be a growing concern in the current Chinese market economy despite the country’s status as a communist economic system (Lecture notes, ‘Education’). The Asian Development Bank Institute indicates that implementation of reform and open door policies in China in 1978 significantly contributed to the emergence of income inequality issues in the country. The Economist reported that the China’s official Gini coefficient was 0.474 as of 2012, but many economists argue that the country’s real inequality is far greater (â€Å"Inequality. Gini out of the bottle†). China, officially People’s Republic of China, is a communist country or single-party state governed by the Communist Party of China. Key positions in the state structure and military are occupied by the members of Communist Party. The Chinese Communist Party is controlled