BEIJING -- Australian Treasurer Jim Chalmers on Friday welcomed Chinese efforts to stimulate its slowing economy, noting that its recent weakness has hurt Australia.Chalmers was wrapping up a two-day visit to Beijing, the first to China by an Australian treasurer in seven years, as strained bilateral relations mend.He told reporters that Australia’s economy was slowing because of global economic uncertainty, high interest rates and China’s slowdown.
“Those three things are combining to slow our own economy considerably and when steps are taken here to boost economic activity and to boost growth in the Chinese economy, subject to the details that will be released in good time, we see that as a very, very good development for Australia,” Chalmers said.China is the biggest buyer of Australia’s most lucrative exports: iron ore and coal.“Our resilience and prosperity are closely connected to China’s economy and the global economy,” Chalmers wrote in an opinion piece published Friday in The Australian newspaper.
He noted that his department forecasts Chinese annual economic growth at below 5% for the next three years, the weakest expansion since the late 1970s.While in Beijing the two sides held meetings for the Australia-China Strategic Economic Dialogue, reviving the once annual talks aimed at growing trade and investment after a seven-year hiatus.In 2020, China introduced a series of official and unofficial trade bans on Australian commodities, including coal, that cost Australian exporters more than 20 billion Australian dollars ($14 billion) a year.Such “trade impediments” now cost Australian exporters less than AU$1 billion ($690 million) a year, Chalmers says.At the outset of Thursday's meetings, Zheng Shanjie, chair of China’s National Development and Reform Commission, noted how relations had improved since Chalmers’ center-left Labor Party government was elected in 2020, ending nine years of conservative rule in Australia.“Our develo...