economic power

• • Averaging an over 9% growth rate per year since 1978 (according to the World Bank)
  • ‘Fastest sustained expansion by a major country in history’ (World Bank) has not only facilitated in lifting an estimated 800 million out of poverty, but has helped China to become a major player in the international economy.
  • In 2023, China accounted for more than 18% of the world’s GDP (Columbia Threadneedle Investments), which strengthened their ability to exchange goods and services with other major economies.
• Australia is China’s sixth largest trading partner and is China’s fifth biggest supplier of imports. China is Australia’s biggest trading partner mainly due to China’s strong demand for iron ore, coal and liquefied natural gas and in 2019 accounted for 29% of Australian trade.
• China placed a range of tariffs and bans on Australia exports to China (barley, beef, wine) to protect their reputation. As a result, Chinese investment in Australia plummeted 51% in 2021 and the Australian Treasury estimated that sectors affected by Chinese trade restrictions lost $5.4 billion in exports to China.
• • China has been using their economic power over Australia to protect their international standing and national security after the Australian government called for an independent inquiry ‘genesis of the [COVID-19] virus’ (Maurice Payne