Friday, September 17, 2021

Australia resisting the Chinese storm: treasurer

Finance Minister Josh Frydenberg gave an update on the Australian economy, saying that it has withstood Beijing’s economic coercion and encouraged companies to continue to diversify and stay away from the Chinese market.

A few days ago, former prime minister Paul Keating published a harsh commentary criticizing the Morrison administration’s handling of bilateral relations.

Friedenberg stated at the Crawford Leadership Forum at the Australian National University on September 6 that the current global environment is “very different” from the environment faced by previous Australian governments.

“Those who advocated the’end of history’ in the early 1990s have been proven wrong,” the treasurer said in quoting political scientist Francis Fukuyama’s book “The End of History and the Last Man (1992)”, claiming to follow In the Soviet era, human evolution will end with free market capitalism and democracy as the world’s main form of government.

Friedenberg stated that “a more confident and confident China” is a differentiating factor and its willingness to use its economic influence as a “source of political pressure.”

He added that although the Soviet Union was largely isolated from the rest of the world, the Chinese Communist Party (CCP) was highly integrated.

“Nearly 130 countries now regard China as their largest trading partner. This combination of economic weight, global integration and self-confidence has brought new and major challenges to many countries in the world,” he said.

Since April last year, after Foreign Minister Marise Payne called for an investigation into the origin of COVID-19, Australia has withstood China’s ongoing trade coercion.

Australian Foreign Minister Mary Spean
Australian Foreign Minister Mary Spean at the State Department in Washington on July 27, 2020. (Al Drago/Reuters)

The move aroused strong condemnation from the Chinese ambassador to Canberra Cheng Jingye, who warned of possible action against Australia’s trade relations with China.

In the following months, the CCP imposed a series of bans, suspensions or regulatory obstacles on the export of coal, wine, beef, barley, lobster, timber, lamb, and cotton to China.

Friedenberg stated that Australia will continue to defend its sovereignty and core values.

“It turns out that our economy is also very resilient,” he said. “I have not downplayed the impact of China’s actions. They have severely harmed certain industries and regions in some cases.”

As a result, trade exports fell by US$5.4 billion in the year ending in the June quarter. However, according to the treasurer, during the same period, “the export of these commodities to the rest of the world increased by US$4.4 billion”.

“Many people work hard to enter the lucrative Chinese market. This has brought huge benefits to them and Australia as a whole. They should continue to seek these opportunities wherever they can,” he said. “But looking to the future, companies also need to realize that the world has changed. This will create greater uncertainty and risks.”

“In this regard, they should always seek market diversification, rather than overly relying on any one country. Basically, they adopt the’China+’ strategy,” he added.

The principle of the “China+” strategy is to use the advantages of existing China relations to conduct economic and trade exchanges with other countries.

“It’s like the government invests in economic resilience. Australian companies should do the same-from cyber risks to supply chains and everything in between.”

The Finance Minister’s speech was made after former Prime Minister Keating continued to criticize Prime Minister Morrison’s handling of relations with Beijing.

“Australia is a continent bordering other countries. It has no territorial disputes with China. In fact, China is a 12-hour voyage from the Australian coast, but the government, through its foreign policy incompetence and flattery to please the United States, actually makes us It is in a state of cold war with China,” he wrote in the statement. Australian Financial Review.

Keating is an international consultant for the state-owned China Development Bank.

Daniel Y. Teng

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This News Originally From – The Epoch Times

Australia resisting the Chinese storm: treasurer
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