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#China policy will not be a vote-shifting issue in the Australian federal election. As usual, the economy and tax in particular will dominate the election. But from a foreign-policy standpoint there is no more important issue than achieving a reasonable balance between the #UnitedStates, #Australia’s security guardian, and China, its linchpin economic partner. Getting the balance right and thus avoid being wedged between its security and economic interests represents what is arguably the most significant foreign-policy challenge in Australian diplomatic history since federation in 1901.
Both Christopher Pyne and Penny Wong cautioned against allowing tensions between the US and China to divert Australia from pursuing its own interests, even if those interests do not accord with those of its security guarantor. A Labor government would probably make a more conspicuous effort to bolster regional partnerships with the #ASEAN bloc and #India as a hedge against tensions between the US and China. Where both sides of Australian politics converge is on the need to engage China, but not at the expense of disregarding Beijing’s flagrant attempts to assert its sovereignty in disputed waters of the #SouthChinaSea.
#WorldEconomy #Economy #Geopolitics #Diplomacy #Politics #ForeignPolicy #InternationalRelations #ForeignRelations #EconomicRelations #EconomicCooperation #ChineseEconomy #AustralianEconomy
Australian parties look ahead on China
https://www.asiatimes.com/2019/03/article/australian-parties-look-ahead-on-china/
Both Christopher Pyne and Penny Wong cautioned against allowing tensions between the US and China to divert Australia from pursuing its own interests, even if those interests do not accord with those of its security guarantor. A Labor government would probably make a more conspicuous effort to bolster regional partnerships with the #ASEAN bloc and #India as a hedge against tensions between the US and China. Where both sides of Australian politics converge is on the need to engage China, but not at the expense of disregarding Beijing’s flagrant attempts to assert its sovereignty in disputed waters of the #SouthChinaSea.
#WorldEconomy #Economy #Geopolitics #Diplomacy #Politics #ForeignPolicy #InternationalRelations #ForeignRelations #EconomicRelations #EconomicCooperation #ChineseEconomy #AustralianEconomy
Australian parties look ahead on China
https://www.asiatimes.com/2019/03/article/australian-parties-look-ahead-on-china/
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#China's congress is set to pass a massive revamp of its #ForeignInvestment Law, a revision that Chinese officials say will put foreign companies that invest in China on an equal footing with local firms. However some aspects of a draft version of the law - specifically an article about Beijing's right to take retaliatory measures against countries it believes are discriminating against #Chinesecompanies - have been pointed to as a cause for concern. The key reason is that it's unclear whether moves like #Australia's decision to block telecommunications company #Huawei from participating in its #5G network could be seen as discriminatory.
Article 37 of the draft legislation lays out China's right to take 'corresponding measures' against countries or regions with 'discriminatory prohibitions' against Chinese investments. It has been suggested that this provision could be used against Australia over the decision to block Chinese telecommunications giant Huawei from participating in the 5G network rollout. Another section of the proposed legislation that's got tongues wagging deals with the issue of 'forced transfer' of technology. According to Article 22 of the new law, Chinese authorities must not 'force the transfer of technology through administrative measures'.
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China is overhauling its foreign investment laws today - how might it affect business in Australia?
https://www.abc.net.au/news/2019-03-15/china-new-foreign-investment-law-what-it-means-for-australia/10889588
Article 37 of the draft legislation lays out China's right to take 'corresponding measures' against countries or regions with 'discriminatory prohibitions' against Chinese investments. It has been suggested that this provision could be used against Australia over the decision to block Chinese telecommunications giant Huawei from participating in the 5G network rollout. Another section of the proposed legislation that's got tongues wagging deals with the issue of 'forced transfer' of technology. According to Article 22 of the new law, Chinese authorities must not 'force the transfer of technology through administrative measures'.
#WorldEconomy #Economy #Geopolitics #Diplomacy #Politics #ForeignPolicy #FDI #InternationalRelations #ForeignRelations #EconomicRelations #EconomicCooperation #ChineseEconomy #AustralianEconomy
China is overhauling its foreign investment laws today - how might it affect business in Australia?
https://www.abc.net.au/news/2019-03-15/china-new-foreign-investment-law-what-it-means-for-australia/10889588
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An important new paper from Wei Chen, Xilu Chen, and Zheng Song of the Chinese University of Hong Kong and Chang-Tai Hsieh of the University of Chicago explains why: The official numbers have been systematically overstating economic output since 2008. They estimate that #China’s real #GDP was about 15% lower than reported in 2016, and that the discrepancy has likely widened since then.
According to Chen et al., the share of the #Chineseeconomy devoted to investment has dropped from a high of 43% in 2009 to just 34% by 2016. The corollary is that Chinese people now consume more than 60% of what they produce. That is still low, but far closer to the pre-1989 norm. From this perspective, China’s rebalancing has made more progress than commonly believed.
#WorldEconomy #EconomicOutlook #EconomicPolicy #EconomicGrowth #EconomicData #EconomicSlowdown #GlobalSlowdown #AsianEconomies #EconomicDevelopment #Economy
China’s Slowdown Is Worse Than You Thought
https://www.barrons.com/articles/chinas-slowdown-has-been-worse-than-you-thought-51552666279
According to Chen et al., the share of the #Chineseeconomy devoted to investment has dropped from a high of 43% in 2009 to just 34% by 2016. The corollary is that Chinese people now consume more than 60% of what they produce. That is still low, but far closer to the pre-1989 norm. From this perspective, China’s rebalancing has made more progress than commonly believed.
#WorldEconomy #EconomicOutlook #EconomicPolicy #EconomicGrowth #EconomicData #EconomicSlowdown #GlobalSlowdown #AsianEconomies #EconomicDevelopment #Economy
China’s Slowdown Is Worse Than You Thought
https://www.barrons.com/articles/chinas-slowdown-has-been-worse-than-you-thought-51552666279
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What’s Causing China’s Economic Slowdown
#China’s problems stem primarily from decisions made years - in some case, decades - ago. In the past, China benefitted from a growing workforce, which boosted #GDP both by adding workers and because younger workers tend to be more productive than older ones. But around 2012, the working-age #population began to shrink, the inevitable result of the one child policy, which was enacted in 1979. The decline in growth rates owes in part to this demographic winnowing.
Forces that drove Chinese growth in recent years are withering. China once relied on a #tradesurplus to boost growth, but today the country’s account is effectively balanced. Investment in fixed assets, such as factories, machinery, offices, and apartment buildings, was traditionally a major source of growth. But such investment fell as a share of GDP from 82% in 2016 to 71% in 2018, and a further drop is expected in the years ahead, as one in 4 apartments in China now sit empty and auto manufacturers are operating at just over 50% capacity.
#GlobalEconomy #EconomicOutlook #EconomicPolicy #EconomicGrowth #EconomicData #EconomicSlowdown #GlobalSlowdown #AsianEconomies #ChineseEconomy #EconomicDevelopment
What’s Causing China’s Economic Slowdown
https://www.foreignaffairs.com/articles/china/2019-03-11/whats-causing-chinas-economic-slowdown
#China’s problems stem primarily from decisions made years - in some case, decades - ago. In the past, China benefitted from a growing workforce, which boosted #GDP both by adding workers and because younger workers tend to be more productive than older ones. But around 2012, the working-age #population began to shrink, the inevitable result of the one child policy, which was enacted in 1979. The decline in growth rates owes in part to this demographic winnowing.
Forces that drove Chinese growth in recent years are withering. China once relied on a #tradesurplus to boost growth, but today the country’s account is effectively balanced. Investment in fixed assets, such as factories, machinery, offices, and apartment buildings, was traditionally a major source of growth. But such investment fell as a share of GDP from 82% in 2016 to 71% in 2018, and a further drop is expected in the years ahead, as one in 4 apartments in China now sit empty and auto manufacturers are operating at just over 50% capacity.
#GlobalEconomy #EconomicOutlook #EconomicPolicy #EconomicGrowth #EconomicData #EconomicSlowdown #GlobalSlowdown #AsianEconomies #ChineseEconomy #EconomicDevelopment
What’s Causing China’s Economic Slowdown
https://www.foreignaffairs.com/articles/china/2019-03-11/whats-causing-chinas-economic-slowdown
Foreign Affairs
foreignaffairs.com
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A meeting between #US President Donald #Trump and Chinese counterpart #XiJinping to end the trade war may be put back to June as they will not be able to finalise an agreement by April. The main division within the #WhiteHouse is how much importance will be attached to an enforcement mechanism to ensure the Chinese side lives up to its side of the bargain, or whether it will be enough to secure an agreement in principle and declare success.
Xi and Trump were originally expected to meet at Trump’s Mar-a-Lago private resort in late March, but US ambassador to #China Terry Branstad later said the summit had been delayed because the deal was still under discussion. It is not yet known where Trump and Xi would meet in June, but the Chinese president is also expected to travel to Osaka in Japan for the G20 summit.
#WorldEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA #GlobalTradeWar #EconomicColdWar #ChineseEconomy #AmericanEconomy
Trump-Xi meeting to end trade war may be pushed back to June, sources say
https://www.scmp.com/news/china/diplomacy/article/3001943/trump-xi-meeting-end-trade-war-may-be-put-back-june-sources
Xi and Trump were originally expected to meet at Trump’s Mar-a-Lago private resort in late March, but US ambassador to #China Terry Branstad later said the summit had been delayed because the deal was still under discussion. It is not yet known where Trump and Xi would meet in June, but the Chinese president is also expected to travel to Osaka in Japan for the G20 summit.
#WorldEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA #GlobalTradeWar #EconomicColdWar #ChineseEconomy #AmericanEconomy
Trump-Xi meeting to end trade war may be pushed back to June, sources say
https://www.scmp.com/news/china/diplomacy/article/3001943/trump-xi-meeting-end-trade-war-may-be-put-back-june-sources
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President Donald #Trump said Thursday (Mar 14) the #US will probably know in the next 3 or 4 weeks about a possible trade deal with #China. The president remarked that China has been 'very responsible and very reasonable.' Last month, the #Trumpadministration postponed imposing an additional round of tariffs on Chinese goods. Secretary of State #MikePompeo said earlier this month the U.S. and China were "on the cusp" of a possible deal. On Wednesday, Trump said he was in 'no rush' to complete a trade deal with Beijing.
#WorldEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA #GlobalTradeWar #EconomicColdWar #ChineseEconomy #AmericanEconomy
Trump: We'll know in next 3 or 4 weeks about possible China trade deal
https://www.cnbc.com/2019/03/14/trump-us-probably-3-or-4-weeks-away-from-knowing-about-any-china-deal.html
#WorldEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA #GlobalTradeWar #EconomicColdWar #ChineseEconomy #AmericanEconomy
Trump: We'll know in next 3 or 4 weeks about possible China trade deal
https://www.cnbc.com/2019/03/14/trump-us-probably-3-or-4-weeks-away-from-knowing-about-any-china-deal.html
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#GaryCohn, the former director of US President Donald #Trump’s National Economic Council, said the #UnitedStates was 'desperate right now' for a trade pact with #China as negotiators from both countries seek to reach a deal. Cohn’s comments stand in contrast to statements from Trump that he is in no rush for an agreement and is prepared to walk away from negotiations. Trump said on Wednesday (Mar 13) that a deal has to be 'right' and that it must include provisions stopping the theft of US intellectual property. Investors have been heartened by signs that Trump is looking to sign a deal with Chinese President #XiJinping, possibly at a summit at Trump’s Mar-a-Lago resort in Florida as early as this month or next.
#GlobalEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA #GlobalTradeWar #EconomicColdWar #ChineseEconomy #AmericanEconomy #TrumpAdministration #Economy
Gary Cohn, former economic adviser to Donald Trump, says US is ‘desperate’ to sign trade agreement with China
https://www.scmp.com/news/china/diplomacy/article/3001676/gary-cohn-former-economic-adviser-donald-trump-says-us
#GlobalEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA #GlobalTradeWar #EconomicColdWar #ChineseEconomy #AmericanEconomy #TrumpAdministration #Economy
Gary Cohn, former economic adviser to Donald Trump, says US is ‘desperate’ to sign trade agreement with China
https://www.scmp.com/news/china/diplomacy/article/3001676/gary-cohn-former-economic-adviser-donald-trump-says-us
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Former #WhiteHouse chief economic advisor #GaryCohn lashed out at some of his former colleagues, specifically pointing his finger at #PeterNavarro, who serves as director of the National Trade Council, and Commerce Secretary #WilburRoss for drawing the country into a misdirected tariff battle. Among the other revelations from his time in the White House, Cohn said a tipping point for him leaving was a meeting Navarro and Ross secretly set up with heads of the steel and aluminum industry to notify them that the administration was planning to levy tariffs on imports of the metals.
Cohn fought against the tariffs, a battle he was destined to lose. But he said #Trump also is losing, evidenced by the record #tradedeficits in 2018 with both China and the rest of the world. The U.S. shortfall with #China was $419.2bn for the year, an increase of 11.6%, Globally, the deficit was $621bn, up 12.5% YoY.
#GlobalEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA #GlobalTradeWar #EconomicColdWar #ChineseEconomy #AmericanEconomy #TrumpAdministration #Economy
Gary Cohn lashes out at former White House colleagues: ‘Living in chaos’
https://www.cnbc.com/2019/03/13/gary-cohn-lashes-out-at-former-white-house-colleagues-living-in-chaos.html
Cohn fought against the tariffs, a battle he was destined to lose. But he said #Trump also is losing, evidenced by the record #tradedeficits in 2018 with both China and the rest of the world. The U.S. shortfall with #China was $419.2bn for the year, an increase of 11.6%, Globally, the deficit was $621bn, up 12.5% YoY.
#GlobalEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA #GlobalTradeWar #EconomicColdWar #ChineseEconomy #AmericanEconomy #TrumpAdministration #Economy
Gary Cohn lashes out at former White House colleagues: ‘Living in chaos’
https://www.cnbc.com/2019/03/13/gary-cohn-lashes-out-at-former-white-house-colleagues-living-in-chaos.html
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Amid worries over #China’s economy, some currencies - particularly those of commodity-producing countries - will be most vulnerable to its slowdown. Two currencies stand out as being the most exposed to China: the #Australiandollar and the #NewZealanddollar. China is the biggest trading partner of both countries, with 24.9% of #NewZealand’s exports and about a third of Australian exports going to the Asian giant.
Flattening demand from China - the world’s top consumer of #ironore - is also set to weigh on #Australia, the world’s largest iron ore exporter. It expects that further weakness in China’s #economy will lead to lower demand for #commodities, and accordingly, #commodityprices. More subdued #globalgrowth will also contribute to lower #commoditytrade volumes. Growth in the world’s second-largest economy cooled to 6.6% last year - the slowest in 28 years - from 6.8% in 2017.
#GlobalEconomy #EconomicOutlook #EconomicPolicy #EconomicGrowth #EconomicData #EconomicSlowdown #GlobalSlowdown #AsianEconomies #ChineseEconomy #InternationalTrade #GlobalTrade #ForexTrading #Forex
These are the currencies most vulnerable to China’s economic slowdown
https://www.cnbc.com/2019/03/13/aussie-dollar-new-zealand-dollar-most-vulnerable-to-china-slowdown.html
Flattening demand from China - the world’s top consumer of #ironore - is also set to weigh on #Australia, the world’s largest iron ore exporter. It expects that further weakness in China’s #economy will lead to lower demand for #commodities, and accordingly, #commodityprices. More subdued #globalgrowth will also contribute to lower #commoditytrade volumes. Growth in the world’s second-largest economy cooled to 6.6% last year - the slowest in 28 years - from 6.8% in 2017.
#GlobalEconomy #EconomicOutlook #EconomicPolicy #EconomicGrowth #EconomicData #EconomicSlowdown #GlobalSlowdown #AsianEconomies #ChineseEconomy #InternationalTrade #GlobalTrade #ForexTrading #Forex
These are the currencies most vulnerable to China’s economic slowdown
https://www.cnbc.com/2019/03/13/aussie-dollar-new-zealand-dollar-most-vulnerable-to-china-slowdown.html
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President Donald #Trump’s former economic adviser #GaryCohn strongly criticized the administration’s trade policies, slamming tariffs as harmful to the #economy and pointing to a record-setting trade deficit in 2018. The majority of economists agreed with Cohn’s point, except for #PeterNavarro, who serves as the president’s director of the National Trade Council. Cohn pointed to the deficit as a sign that the Trump’s policies weren’t having an impact.
Trump has defended his use of tariffs, arguing that they have raked in billions of dollars for the U.S. Treasury. But analysts have pointed out that the amount taken in by the Treasury from new tariffs is minor compared to the total it collects. The additional money also came from U.S. consumers and not foreign exporters. Meanwhile, the #USeconomy has reportedly lost billions of dollars due to its ongoing trade disputes.
#GlobalEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA #GlobalTradeWar #EconomicColdWar #ChineseEconomy #AmericanEconomy #TrumpAdministration
TRUMP’S FORMER ECONOMIC ADVISER SLAMS ADMINISTRATION OVER TRADE WAR, SAYS TARIFFS ‘HURT THE ECONOMY’
https://www.newsweek.com/trump-economic-adviser-trade-war-tariffs-economy-1363598
Trump has defended his use of tariffs, arguing that they have raked in billions of dollars for the U.S. Treasury. But analysts have pointed out that the amount taken in by the Treasury from new tariffs is minor compared to the total it collects. The additional money also came from U.S. consumers and not foreign exporters. Meanwhile, the #USeconomy has reportedly lost billions of dollars due to its ongoing trade disputes.
#GlobalEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA #GlobalTradeWar #EconomicColdWar #ChineseEconomy #AmericanEconomy #TrumpAdministration
TRUMP’S FORMER ECONOMIC ADVISER SLAMS ADMINISTRATION OVER TRADE WAR, SAYS TARIFFS ‘HURT THE ECONOMY’
https://www.newsweek.com/trump-economic-adviser-trade-war-tariffs-economy-1363598
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