Aussies hope economic reform remains
Print Edition
CHINA’S economic growth is important for Australia which hopes that economic reform in China remains on track as that will help the Australian economy, said an economics professor.
“We will be looking for signs that economic reform in China remains on track because frankly as long as China is growing robustly, it’s very good for the Australian economy,” said James Laurenceson, a professor of economics and deputy director of the Australia-China Relations Institute at the University of Technology Sydney.
“Over the last 40 years China has lifted 850 million people out of poverty,” said Laurenceson, adding: “That’s extraordinary, but in looking forward, the OECD (the Organization for Economic Cooperation and Development) expects that 850 million more Chinese will also reach middle class status.”
China had lifted 700 million people out of poverty through more than 30 years of reform and opening-up, according to a white paper released by the Chinese government in December 2016.
The impressive statistics are also good for Australia, he noted. Last year, exports to China jumped 22 percent, lifting Australia’s gross domestic product significantly.
On the Belt and Road initiative, he believes it will be a key topic at China’s “two sessions” which end on March 20.
“I think we are going to continue to see a ramping up of this initiative,” Laurenceson said.
“It’s not going to get smaller, the Belt and Road will become more important for China and more of a focus of its foreign policy,” he added.
“My own view on the Belt and Road is that it makes pretty good economic sense, so from a country like Australia, our perspective, I think we should be involved.”
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