tirsdag 24. september 2019

If China's economy crashes Australia will be hit hard, report says

Australia would be thrown into a deep recession and face huge disruption if China’s economy crashes, according to a new report that points to the potential loss of billions of dollars in income, half a million jobs and the dream of a federal budget surplus. The risks to China’s economy are growing – among them the US-China trade war, colossal corporate and household debts, and the mounting political crisis in Hong Kong – placing the leadership in Beijing under increasing pressure to sustain the growth that has propelled it to superpower status in the past three decades.

If the country does experience its first recession or serious downturn of the capitalist era, Australia “will not be able to avoid economic disruption”, says the report by the thinktank China Matters.