2009-10. The economy therefore recovered in 2010, and growing by 10.4% in 2017, China’s growth was at $23.12 Trillion, the largest in the world, 6.8% greater than in 2016. China’s GDP grew at 6.5% year-over-year in the third quarter of 2018. China’s industrialization and modernisation has been based on ‘driving growth’ through foreign investment and international trade. After the USA, China is the second largest economy in the world measured by the nominal value of its GDP in US dollars and at market exchange rates. In 2016, China’s share of global GDP was 17.8%, share of world population was 19% and share of world exports of goods and services was 10.7%. Furthermore, with rapid economic growth throughout China over the past few decades, there has been an ample decrease in poverty. The World Bank estimates that over the last 25 years, China’s poverty has reduced by 400 million people living off $1 US per day. Moreover, one of the largest impacts on China has been globalisation as economic growth was sustained at between 7% and 10% in the 1990’s and 2000’s, with business investment and net exports being the main ‘drivers of growth’. However, between 2011 and 2015, this growth rate began to fall (9.5% and 6.7%, respectively), as growth globally began to stall and China began to transition to domestic sources for growth, with a growing middle class society having a higher demand for more goods and services to consume domestically.

Contrastingly, Australia’s mixed market economy grew just 0.3% in the September quarter of 2018, slowing distinctly from 0.9% expansion in the previous period and missing market consensus of a 0.6% advance, being the weakest rate of expansion seen since the third quarter of 2016, due mainly to a piercing slowdown in private consumption and a pull-back in non-residential construction. However, like China’s economy, government spending went up 0.5% and consumer spending by 0.3% in the third quarter of 2018, supported by national government spending (1.9%) while local government and state gov