INTRODUCTION After discussing with our group members, we decided to choose China and Japan as the countries for this group assignment. As we all know, China is the world's largest economy after the United States. China has favorable economic conditions with a faster growing major economy. China has the largest manufacturing economy and has become the largest exporter and second largest importer of goods in the world. The Chinese economy is the fastest growing consumer in the world. Whereas, we have selected Thanks to Japan's economy, Japan is the third largest in the world by nominal GDP, the fourth by purchasing power parity, and is the second largest developed economy in the world. Japan has the largest electronics industry and has always been one of the most innovative countries in the world. Japan and China are finally facing increasing competition with each other. Gross Domestic Product (GDP) Gross Domestic Product (GDP) is the total market value of a country's output. It is the market value of all final goods and services produced in a given period of time by factors of production located within a country. GDP is only about new or current production. Old production is not counted in current GDP because it was already counted at the time of production. For example, a house is only counted in GDP when it is built, not every time it is resold. DiscussionChina's GDP in 2012 was 8,358.4 billion US dollars, ranking second in the world. China's share of GDP in the world was 11.5%. GDP per capita in China in 2012 was worth 6070 US dollars. In China, authorities are trying to steer the economy towards greater domestic consumption and growth in the service sector. China is the largest manufacturing economy in the world. China in the center of the map has an employment rate of 4.14% while Japan's average unemployment rate is 2.70%. This shows that China has a higher unemployment rate than Japan. DIFFERENT IMPORTS AND EXPORTS BETWEEN JAPAN AND CHINA JAPAN CHINAImport Applying China the highest once Applying Japan the highest onceExport Export to China was highest Not largest exported to JapanEconomic complexity index Higher (1st ranking ) Low compared to Japan (27th ranking)Investments Barely attracts capital from China. Received $560 million in total foreign direct investment from China at the end of 2011 Received $6.3 billion in foreign direct investment from Japan in 2011 Trade China is Japan's largest trading partner China's second largest trading partner is Japan Travel & Tourism China was not very busy The #1 international tourist destination 1 in Japan in 2011. Largest economy Lower than China Higher than Japan