Abstract
The primary focus of this paper is to assess the implications of China's international opening up for Australia. We seek to answer two main questions. What are the factors in China that have given rise to the current resources boom and might there be similar trade and investment opportunities for Australia arising from China's ongoing development in the future? China began its economic reform process in 1979 largely because its economic performance, although not dismal, had failed to keep up with those countries with which China liked to compare itself. Under the new economic emphasis, China's economy continued to grow and the rising incomes of the Chinese people generated an increasing demand for consumer goods which had been relatively unknown in China. This, in turn, gave rise to the need for basic products which China had little capacity to produce. By late 1990s early 2000s basic processing plants had begun to flourish in China giving rise to a world-wide boom in commodities such as ore and coal. This boom continues through to today and Australia, to this point, has been one of the chief beneficiaries. In all likelihood, the commodities boom will continue well into the future although a number of risks are apparent. Australia is confronted by both opportunity and threat. To the extent that the commodities boom continues Australia benefits. But anything that disrupts that boom will have severe consequences for Australia. In addition, the continuation of the boom may be distracting Australians from other potential opportunities that exist in China.
Original language | English |
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Title of host publication | 7th GCBE |
Editors | Atul Gupta |
Place of Publication | Rome, Italy |
Publisher | Association for Business and Economics Research |
Pages | 1-32 |
Number of pages | 32 |
ISBN (Electronic) | 9780974211494 |
Publication status | Published - 2007 |
Event | Global Conference on Business & Economics (GCBE) - Rome, Italy, Italy Duration: 13 Oct 2007 → 14 Oct 2007 |
Conference
Conference | Global Conference on Business & Economics (GCBE) |
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Country/Territory | Italy |
Period | 13/10/07 → 14/10/07 |