American and Chinese economies Research Paper Example | Topics and Well Written Essays - 1750 words

American and Chinese economies - Research Paper Example China and the United States economies are both the strongest economies in the world and despite the major differences they have, the major economic challenges they face are actually similar. Both countries have bifurcated economies with challenges in providing middle-class employment with talent shortage at the top while middle-class workers do not have jobs. China has 40percent unemployment rate while graduates in America are facing tough job markets. Another similarity is in education reforms, in America education programs to meet the high employment rate are not well structured, and China, on the other hand, has many engineers but they lack creative thinkers. The tax reforms in both economies create an imbalance the economy. The United States economy is the best national economy in the world. The United States dollar is the most utilized cash especially for universal exchange. It has an economy that is blended and it has managed to keep the gross domestic product steady for decade s now  (Jorgenson & Wessner, 2014). China, on the other hand, has a socialist market economy and it embraces predominance of an open market economy and a state possessed area. In China, the government possesses all property while in America private individuals own property. China outpaces America in population, while America has a long way to go to the extent of the population. China has the high level of inequality but it is concerned with poverty reduction, while America has worst poverty levels.