China’s sluggish economy is threatening to derail Australia’s economic recovery, as its annual growth rate more than halves after months of pandemic volatility
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Responding late on Tuesday to the data from Beijing’s National Bureau of Statistics, Treasurer Jim Chalmers said China’s slowing growth was “one of the major economic challenges facing Australia at the start of 2023”.“The global economy is a volatile place right now and developments in China are a big part of that,” he said.
China is Australia’s largest trading partner, and the sixth-largest foreign direct investor . Before COVID, China was Australia’s biggest source of international students and tourism.Trade with China accounts for nearly a third of all Australian global trade, according to the Department of Foreign Affairs and Trade. It was worth $245 billion in 2020.
“That is implausible, even accounting for December data showing surprising economic resilience in the face of the reopening wave of infections.”
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