ANALYSIS: Why a desperate China has backflipped on Australian coal
including the financial centre Shanghai, consumers have been missing in action, China's major manufacturing hubs have been hobbled and shipping from some of the world's biggest ports have been disrupted.via news agency Bloomberg that China was considering relaxing its ban on Australian coal, apparently after a mild thaw in relations following the election of the Albanese government and the first official discussions in three years between the foreign ministers.
While the West understandably is pre-occupied with Beijing's military and diplomatic ambitions in the Pacific, the country has found itself under attack from within.A souring real estate sector — for years the primary vehicle for firing up economic growth — is placing increasing pressure on the country's banking system as the casualty list of financially strapped property developers grows which, in turn, has incited widespread community unrest.
It was Xi who ordered the real estate speculation clampdown five years ago and ramped it up three years ago. A backdown on such a signature policy would be embarrassing, but the risk of social upheaval from a property and banking crisis would be worse. When it comes to coal, the first major commodity to be hit, it was Chinese industry and Chinese households which bore the brunt of the trade bans.
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