It urged businesses to diversify into new markets and become less reliant on the country's largest trading partner. The strategic economic pivot away from the increasingly belligerent and authoritarian nation also urges Australian firms to find new supply chains outside of China. The once rosy bilateral relationship marked by Panda diplomacy and close business links has crumbled in the wake of the Covid pandemic, with China imposing increasingly punitive sanctions on Australian products.
'Going forward, businesses need to be aware that the world has changed and that this creates greater uncertainty and risk,' Mr Frydenberg said. 'In this respect, they should always be looking to diversify their markets, and not overly rely on any one country. Essentially adopting a "China plus" strategy.'