//
you're reading...
Australian Current Affairs

Australia warned of China economy danger


Bank of China

Bank of China

Former Australian prime minister John Howard has warned Australia not to become mesmerised by China, and instead focus on maintaining an efficient and productive economy.

In a major speech to the Australian Chamber of Commerce in Shanghai, Mr Howard said he believed Australia must stay diversified and not become reliant on the mining industry.

China is Australia’s largest trading partner, with trade between the two nations now up to $US130 billion a year.

It is also the largest buyer of Australian commodities, but demand could fall sharply if China’s economy starts to weaken.

Mr Howard also said there were transmission risks for the Australian economy as China developed and its economy modernised.

“That is why it’s important to have a developed economy, it’s important not to get mesmerised by China,” he said.

“At the same time, we have to make sure we don’t squander the natural advantages that we have.

“We have to accept Australia and China have different historical and political systems and we have to appreciate the differences that exist between both nations.”

The Labor government has been criticised for not having capitalised on the full benefits of the China boom in the past few years.

China’s new government has set the official growth target for its economy this year at 7.5 per cent.

However, a growing number of economists believe China could miss the official target for the first time in 15 years.

In the speech Mr Howard criticised the Labor government’s endorsements of the Asian Century white paper that suggested corporate boards set a quota of having at least 30 per cent of their directors who had worked in Asia.

Source: The Australian – Don’t fall for China’s spell, warns Howard
 

About Craig Hill

Teacher and Writer. Writing has been cited in New York Times, BBC, Fox News, Aljazeera, Philippines Star, South China Morning Post, National Interest, news.com.au, Wikipedia and others.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

If you liked what you just read, click "Subscribe" to become a follower of the Craig Hill site. You will receive an email each time a new post is published.

Join 14,825 other followers

An archive of all my old posts

Follow me on Twitter

Most Recent Posts Post on My Blog About China: China News

What have we learnt in the past century?

What have we learnt in the past century?

It is 100 years since we were supposedly getting over the war to end all wars, World War I, and forming the League of Nations with the purpose of preventing such a conflict and slaughter happening again. Regrettably, the only good that came out of it was the proposal to form the League of Nations; […]

China’s borders will likely remain shut for months, but some may be wary of visiting even after they reopen

China’s borders will likely remain shut for months, but some may be wary of visiting even after they reopen

Last week, the Biden administration warned American companies about the risk of doing business in Hong Kong, citing Beijing’s increasing crackdown on the city. “The bottom line is that businesses should be aware that the risks faced in mainland China are now increasingly present in Hong Kong,” White House press secretary Jen Psaki told reporters. […]

China Threatens to Nuke Japan in ‘Full Scale’ War if They Intervene in Taiwan

China Threatens to Nuke Japan in ‘Full Scale’ War if They Intervene in Taiwan

In an ominous new video that was circulated by the Communist Party of China, they vow to use nuclear bombs on Japan “continuously until it’s unconditional surrender” in an all out war if they decide to intervene in China’s planned re-taking of Taiwan.   “When we ‘liberate’ Taiwan, if Japan dares to intervene by force – […]

Afghanistan: No Peace Without a Clear Vision

Afghanistan: No Peace Without a Clear Vision

Peace is the absence of war, while war is the absence of peace! A negotiated peace in Afghanistan presents a number of challenges. The duration of the war over several decades has created a number of situations, that requires an in-depth examination in light of the peace negotiations that took place between the United States […]

US-China rivalry rooted in lost trust

US-China rivalry rooted in lost trust

As early as 2005 John Gersham and Melvin Goodman alerted against the trend of an over-militarized US foreign policy. The warning has been a recurrent theme of American debate, although it gained little traction. The debate recently spilled into mainstream media with The Economist averring that “an over-militarized foreign policy that embraces unrealistic objectives is liable to fail.” […]

Overnight News Headlines (Australia): July 20, 2021

Overnight News Headlines (Australia): July 20, 2021

Originally posted on Craig Hill:
Children account for 15 per cent of Australian farm deaths, says AgHealth study – 15 per cent of farm deaths are children under 14 years old, according to an AgHealth Australia study; A Ballarat farmer says she is shocked almost one in six … Australia’s first body image program for…

China in the News: July 20, 2021

China in the News: July 20, 2021

Ford unveils lower-priced Mustang Mach-E in China to qualify for subsidies – Previously, this was the only Mach-E priced low enough to qualify for China’s EV subsidies. It was joined by Extended Range RWD and AWD versions as well as the … NZ in ‘position of vulnerability’ over China hacking accusations – New Zealand has […]

Cadence Column: Asia, July 19, 2021

Cadence Column: Asia, July 19, 2021

China faces a three-pronged attack in the realm of public opinion. The Olympics converge with COVID; the third is three levelings up in Chinese military aggression. COVID is seen in the public eye as having mainly originated from China. Even with conspiracy theories surrounding Fauci and Gates, no explanation lets China off the hook. That […]

Overnight News Headlines (Australia): July 19, 2021

Overnight News Headlines (Australia): July 19, 2021

Originally posted on Craig Hill:
Race on for Australian rare earth supplies as fears grow over China’s market ‘monopoly’ – It comes two years after David Gainer, the US Consul General to Perth, visited a rare earths mine near Laverton in outback Western Australia just days into the … Swim league to be launched in…

China in the News: July 19, 2021

China in the News: July 19, 2021

First human death due to monkey B virus reported in China – Patients of rare viral infections transmitted from the monkey have been reported in China and the U.S. in succession. According to China’s state-run Global … Commentary: A pity China can’t seem to ditch its wolf warrior diplomacy – Despite recent exhortations from President […]

%d bloggers like this: