With the acceleration of globalization, the economic ties between countries are getting closer and closer, and economic development has become one of the important indicators of national development. As two important economies, China and Canada have significant differences in economic development. This paper will compare and analyze the economic development of China and Canada from many angles.

Gross Domestic Product (GDP)

Gross domestic product is an important indicator to measure a country's economic aggregate. According to the International Monetary Fund (IMF), China's GDP is 20 14.34 trillion US dollars, while Canadian GDP is10.65 trillion US dollars. This means that China's GDP is 8.7 times that of Canada. Although the total economic output of China far exceeds that of Canada, the per capita GDP of Canada (that is, the GDP contributed by everyone) is higher than that of China. This is because the population of China far exceeds that of Canada, so the per capita GDP is lower than that of Canada.

Economic growth rate

Economic growth rate is an important indicator to measure a country's economic growth rate. According to the data of the World Bank, the economic growth rate of China in 20 19 was 6. 1%, and that of Canada was 1.6%. This means that China's economic growth rate is 3.8 times that of Canada. China's economic growth mainly benefits from its huge labor resources and growing consumer market.

trade

Trade is an important part of national economic development. According to the data of the World Trade Organization, the total export of China in 20 19 was 2.49 trillion US dollars, while the total export of Canada was 495 billion US dollars. This means that China's total export volume is more than five times that of Canada. China's main export commodities include electronic products, textiles, furniture and toys. Canada's main export commodities include oil and gas, wood and grain.

investment

Investment is an important force to promote economic development. According to the data of the United Nations Conference on Trade and Development, the total foreign direct investment of China in 20 19 was $65,438 +0.39 trillion, while the total Canadian foreign direct investment was $65,438 +0.84 trillion. This means that the total foreign direct investment in Canada is higher than that in China. China's main investment fields include manufacturing, real estate and financial services. Canada's major investment areas include mining, energy and financial services.

innovation in science and technology

Scientific and technological innovation is an important engine to promote economic development. According to the data of the International Intellectual Property Organization, in 20 19, the number of patent applications in China was 586,000 and that in Canada was 77,000. This means that the number of patent applications in China is 7.6 times that in Canada. The main fields of scientific and technological innovation in China include artificial intelligence, 5G communication and new energy. The main fields of scientific and technological innovation in Canada include biotechnology, information technology and clean technology.