The Chinese Economy: What China is Doing Right
What a China FTA means for Australia and its workers
1. China’s economy is worth $A11.6 trillion. In 2014 alone it grew by $A872 billion, more than half the value of Australia’s GDP. The China FTA gives Australia better access to this market than any other country.
Australia-China relations: Abbott sustains pragmatic approach
By Bob Carr
Note: This article appeared in The Australian on July 26 2015.
Barnaby Joyce’s success in getting live cattle into China is reminiscent of the China policy of our closest mate: New Zealand.
The Hawke Government's China Policy
Bob Hawke was Prime Minister from 1983 to 1991. During that time he enjoyed a close personal relationship with the Chinese leadership and pioneered the integration of the Australian and Chinese iron and steel industries.
“An unusually close relationship”
On March 5 1983 Bob Hawke won the election and replaced Malcolm Fraser as Prime Minister.
China’s “New Normal” Growth
In 2014, China’s growth rate slowed to 7.4 percent. This was down from 10.4 percent in 2010. This ACRI Fact Sheet explains what China’s “new normal” growth rate means for the world economy.
Chinese Investment in Australian Residential Real Estate
- Domestic buyers are responsible for 85.2 percent and 91.3 percent of demand for new and established residential real estate, respectively.1
China Policy Under the Abbott Government
The Abbott Government was elected on September 7 2013. This ACRI Fact Sheet provides an overview of Australia’s relations with China under the Abbott Government.
Missteps and a Hard Line
The new government ventured into China diplomacy a month after winning power.
On October 4 at a Trilateral Strategic Dialogue in Bali, Australia joined the US and Japan in a joint statement opposing “any coercive or unilateral actions that could change the status quo in the East China Sea”.1
The Queensland - China Economic Relationship
1. The annual value of Queensland’s goods exports to China is $10.8 billion.1 This is –
1.3 times that to Japan
2.3 times that to India
2.4 times that to Korea
2. The value of Queensland’s goods exports to China increased by $4.5 billion in the past five years. Exports to –
Japan fell by $6.5 billion
Korea fell by $1.8 billion
India fell by $0.5 billion
The Australia-China Economic Relationship
1. The annual value of Australia’s goods1 and services2 exports to China is $108 billion. This is –
2.1 times that to Japan
6.7 times that to the U.S.
10.5 times that to India
2. The value of Australia’s goods and services exports to China increased by $64 billion in the past five years. Exports to –
India fell by $8.1 billion
Japan fell by $4.7 billion
The Victoria-China Economic Relationship
1. The annual value of Victoria’s goods exports to China is $4.2 billion.1 This is –
1.9 times that to the U.S
2.2 times that to Japan
2.2 times that to New Zealand
2. The value of Victoria’s goods exports to China increased by $2.0 billion in the past five years. This is –
4.1 times that to the U.S
5.5 times that to Japan
16.9 times that to New Zealand