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China vs. Cyprus
Transcript of China vs. Cyprus
They are ranked 13th out of the 43 countries in the Europe region, and has its overall score is higher than the regional and global averages.
Basic Background Information Business Freedom Cyprus's Business Freedom score is 80.3. Topping the average score of 64.6.
Freedom to open, operatre, and close a business is protected under Cyprus's regulatory enviroment.
Trade Freedom Their Trade Freedom score is 82.5. Also topping the average score of 74.2
The average import rate for the country placed at 1.3% in 2008
Fiscal Freedom Cyprus has a moderate income tax rate as well as a low corporate tax rate.
This gives them a score of 72.7% which is 2.7% lower then the average score. Goverment Spending Cyprus score for is 44.8% which can be debating whether or not having a low govermtne spending is good.
The average rate is 65.0%
The goverments consumption and transfer payments are high, and in the most recent year its spending equaled the gross domestic product of 42.9%. Monetary Freedom Cyprus' s Monetary freedom score is 82.9%, higher then the average rate of 70.6%.
Inflation has been low between 2006 and 2008, averaging 3.6%.
With a combination of weaker consumer demand and softer international commodity prices, inflation began to eased towards the end of 2008.
Investmant Freedom Cyprus's Invesment freedom score is 70.0% topping the average of 49.0%.
Non- Europen Union memebers are not permitted to invest in tertiary education, mass media, banking, and construction.
But if you are European Union resident, you may own 100% of local companies and/or any company listed on the stock exchange list.
Financial Freedom Cyrpus once tops the average score of 48.9% on Financial Freedom with a score of 70.0%.
Cyprus’s financial sector is different and relatively sound. Supervision of banking and finance are of the best.
Financing for domestic and foreign investors is available at market rates. The three main banks lending practices are conservative.
There are no exchange controls and no interest rate ceilings.
Freedom from Corruption Topping the average corruption rate of 40.5% with 64.0
Although they may rank higher then average, Cyprus ranks 31st out of 179 countries in "Transparency International’s Corruption Perceptions Index for 2008."
Labor Freedom Cyprus's Labor Freedom score is 61.5%, slightly lower then the average rate of 62.%.
Cyprus’s unemployment rate is one of the lowest in the European Union.
Basic Background Information With an economic freedom score of 51, China has the 140th freest economy in 2010
They are ranked 31st out of 41 countries in the Asia–Pacific region, and has its overall score is lower than the global and regional averages.
Business Freedom China's Business freedom score is 49.7 way below the average score of 64.6.
To start a business in china takes about 35 days and is controlled by China's regulatory system.
In order to obtain a business license takes up to 18 procedures and 218 days!
Trade Freedom China has a Trade Freedom score of 72.2 that is rising but still below the average score of 74.2
China's average import rate for the country places at 3.9 percent in 2008. Fiscal Freedom China's Fiscal Freedom is below the average score 75.4, with a score of 70.2.
They have a high income tax rate as well as a moderate corporate tax rate.
Government Spending China surpas the average Government spending score of 65.0 with a score of 88.1.
The government's consumption and transfer payments are low.
But they still happen to equal the GDP of 19.9%. Monetary Freedom China's Monetary Freedom scare equal the average score of 70.6.
Inflation levels in China between the years 2006 and 2008 has been 5.2%
The market decides the prices of most traded products, while the government decides prices for petroleum, electricity, pharmaceuticals, coal, agricultural products, and other goods.
Residents of China who own enterprises can produce and sell goods to wholesalers and retailers at low prices. Investment Freedom China's Investment freedom score is way below the average of 49.0 with a score of 20.0.
China’s Foreign Investment Catalogue breaks down in sectors which foreign investment is encouraged, permitted, restricted, and prohibited, as well as the restrictions as caps on foreign ownership and types of investment. Financial Freedom China's Finacial Freedom score is 30.0. The average score is 48.5.
Their Finacial System is completly controlled by the government.
China has only two private banks.
The four state-owned banks account for more then 50 % of total assets.
Freedom from Corruption China's Freedom from Corruption score is 36.0, below the average score of 40.5.
China ranks 72nd out of 179 countries in "Transparency International’s Corruption Perceptions Index" for 2008.
Labor Freedom China's Labor Freedom score is 53.1, once again lower then the average score of 62.1.
The non-salary cost of employing a worker is high. Dismissing an employee requires prior consultation with the local labor bureau and labor union.
Similarities Differences Being placed so far apart on the world ranking, there are very few similarities between Cyprus and China but a mass amount of diffrences. Although Cyprus has a much more free economy then China, China has benefited financially through global trade, and investment allowing its GDP to settle at $7.9 trillion over the last three decades. At this same pace, Cyrpus settles at$22.7 billion. On the other hand Cyprus's scores has surpassed the average scores for the past fifteen years. During this same period of time, China's scores linger below the average. In conclusion, these two countries play out their government in different manners. China with its Communist manner while allowing some response to market forces, while still maintaining ultimate authority over economic decisions. And Cyprus with a free economy, allowing then to obtain the ranking that they have.