Treasurer Fears Struggling Chinese Economy Could Cost Australia Billions

The contraction of China’s economy will cost Australia billions of dollars in lost export earnings, Treasurer Jim Chalmers has warned in an opinion piece. It was widely believed that Beijing’s decision, in late 2022, to end its draconian “zero COVID” policy would rapidly reignite the economy. Instead, the economy has faltered, with sluggish GDP growth, falling consumer confidence, and a collapse in property prices that has caused some of the country’s largest companies to default on loans or collapse completely. In July 2024, official data revealed that GDP growth was falling behind the government’s target of about five percent....