Industry experts believe China is Australia’s best bet in leading the nation towards the path of economic stability and growth.
Professor Jane Golley, director of the Australian Centre on China in the World suggests that the country may have been cause of the current pandemic, but it is also the most likely country to help get Australia’s economy back on track.
“China’s economy is so large and so important to us in trade and investment terms, that even if growth there slows – and it clearly will – it still seems to be Australia’s best bet for sustaining our own economic growth rates in the future,” Ms Golley commented.
The WA economy is highly reliant on the trading relationship with China, CCIWA chief executive Chris Rodwell commented “Of all the Australian States, WA’s economy is the most dependant on China. Half of our Gross State Product is made up of exports and more than half of our exports go to China.”
There are positive signs indicating that China’s economy is beginning to re-emerge which provides great opportunities for WA exporters and the broader community.
This is a summary of the article ‘China key to economic growth rate’ by Meilin Chew | The West Australian | Thursday 23rd April 2020.