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India Vs China |
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INDIA VS CHINA Political Environment India and US Relations India and the United States have come a long way in the past 54 years. ... Clinton visited India when he was in office to strengthen the ties between the two countries. ... Government Systems India is much like the United States in the fact that they are both democracies. India’s government is constructed with three branches of government; legislative, executive, and the judicial. ... Government Corruption Corruption in India is a way of life. ... For the United States this is the largest problem faced when foreign companies want to enter the India market. Corruption in India is illegal but seems to be the only way of life for most. Monetary Policy The Reserve Bank of India has been trying to reduce the interest rate but, ha not been very successful. ... 1 percent which was higher than the Reserve Bank of India whose target was at 15 and actually achieved 14. ... (usatrade) Trade Policy United States and India have a trade agreement that is based on the removal of balance of payments relative to quantitative restrictions, this removal was on 715 items (usatrade). Once all the restrictions are removed then India’s and United States trade will increase. ... World Trade Organization Membership India has been a member of the World Trade Organization (WTO) since the beginning. India wants the multilateral approach to be present when trade relations are present with members and nonmembers of WTO (docsonline). India wants to see this so that undeveloped countries can catch up with the more advanced countries. India has also pledged to ensure that developing countries that enjoy the comparative advantage are opened to the international trade (docsonline). Accounting Systems In India the accounting system has changed to Fund Based Accounting System. ... China and US Relations China and the United States are complementary in terms of basic economic needs and resources. ... In turn, China is the most promising new market for American business and agriculture. ... China’s senior officials say they want their country to be a full participant in the world economy. As a key Pacific power, the United States has a major stake in China moving out of its isolationist setting. It is to their benefit to encourage the rise of a China that interacts with, but is also at peace with, its neighbors. In developing closer relations with China, trade-offs are inevitable. ... Government Corruption It is very difficult to measure the overall level of corruption in China, but the decentralization has by all account increased corruption significantly. ... Monetary Policy China has a fixed exchange rate system. ... China also has implemented a tax treaty with the US that allows for US citizens not to be subject to double taxation. World Trade Organization Membership With China’s full entrance into the WTO, China’s economy will be bound to the reforms and norms of the international business community. Joining will force China to open some of their guarded markets, such as banking, insurance, and telecommunications. ... For acceptance to the WTO, China must also: · Increase access to professional services such as the accounting filed, · Eliminate trade and foreign exchange balancing, local content and export requirements, and refuse contracts containing such conditions, and, · Implement intellectual property laws. ... China has acceded to a number of international business treaties and conventions related to the protection of intellectual property rights. ... The political environment in China is a market economy and a socialist system at the same time. The government is highly involved in business transactions; therefore, it would be in the best interest of any company wanting to directly invest in China to thoroughly check out the political environment as it pertains directly to their business practice. Economic Environment INDIA (USD billion, except where noted) 1998/99 1999/00 2000/01 Nominal GDP 420 448 478 GDP Growth Rate (percent) 6. ... 18 CHINA 1998/99 1999/00 2000/01 Nominal GDP (RMB trillions) 8. ... 75 The economies of India and China have been the topic of many journalists’ papers for the last few years. India’s democratization and movement toward being a supplier of labor in the world market gave them the spotlight of the economic powerhouses of the world. China’s accession to the WTO and their aggressive growth has raised issues with India regarding competition and their own economic progress, which has increased the spotlight on India and added it to China. Some Indians look at the situation as being an opportunity and some look at it as a threat, and a few others think that China is neither, rather, that China’s statistics are grossly inaccurate. Foreign Direct Investment China has been the world’s second largest recipient of foreign direct investment (only behind the United States), which was partially spawned by their intentions to join and later their accession to the World Trade Organization. |
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