{"id":4534,"date":"2021-05-06T09:25:20","date_gmt":"2021-05-06T13:25:20","guid":{"rendered":"http:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/?p=4534"},"modified":"2021-05-06T09:25:20","modified_gmt":"2021-05-06T13:25:20","slug":"china-indefinitely-suspends-key-economic-dialogue-with-australia","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/2021\/05\/06\/china-indefinitely-suspends-key-economic-dialogue-with-australia\/","title":{"rendered":"China ‘indefinitely’ suspends key economic dialogue with Australia"},"content":{"rendered":"\n

Link to Article: https:\/\/www.bbc.com\/news\/business-57004797<\/a><\/p>\n\n\n\n

Relations between China and Australia have been on the downfall ever since Australia called for a probe into the origins of the virus, as well as banning Huawei from building its 5G network. China also imposed sanctions on Australian goods such as wine and beef last year.<\/p>\n\n\n\n

On Thursday, China’s National Development and Reform Commission (NDRC) stated, “Recently, some Australian Commonwealth Government officials launched a series of measures to disrupt the normal exchanges and cooperation between China and Australia out of Cold War mindset and ideological discrimination. Australian Trade Minister Dan Tehan responded to the decision by stating it was “disappointing” but that Canberra was still open for discussion. <\/p>\n\n\n\n

The Director of the Australian-China Relations Institute, James Laurenceson, said Beijing’s decision appears to be extending the diplomatic freeze. He stated, “Up until now, both Canberra and Beijing have been saying that the lower level day-to-day nitty-gritty continues as normal. And now we’re seeing cooperation and dialogues even closer to that are being disrupted.” <\/p>\n\n\n\n

Mr. Laurenceson also announced that he believes Beijing is responding directly to the Australian government’s cancellation of two deals that the state of Victoria struck with China as part of its Belt and Road Initiative. Regarding this, he stated, “If this is the extent of retaliation, then Canberra will be pretty relieved because it strikes me as being quite calibrated. We’re a long way here from withdrawing from something like ChAFTA.” <\/p>\n\n\n\n

The port of Darwin, which has been leased to Chinese-owned company Landbridge, could be forced to divest on national security grounds due to the Australian governments interest over the port. Until recently, China has expressed its resentment through trade measures which have affected major Australian industries such as wine, barley and coal. <\/p>\n\n\n\n

According to the Department of Foreign Affairs and Trade, China accounts for 29 per cent of Australia’s trade with the world in 2019, and in 2020 Chinese investment in the nation has plummeted 61 per cent- the lowest in six years- according to the Australian National University’s Chinese investment in Australian Database. <\/p>\n\n\n\n

If tensions regarding relations between China and Australia continue to rise both economies could be extremely affected- especially Australia. Australia relies on China more than China relies on Australia and China’s decision to suspend key economic dialogue with Australia further proves the economic power that it has over other countries. China’s recent drop in investment reflects tougher foreign investment laws and further effects of Covid-19. <\/p>\n\n\n\n

The trade ties between the two nations have been particularly strained since Australia first called for an investigation into the origins of the Covid-19 pandemic back in April, in which, China responded by imposing tariffs and trading restrictions on the nation. It is no doubt that in the upcoming months Australia’s economy will be suffering, regardless of the few cases of Covid-19 in the country. <\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Link to Article: https:\/\/www.bbc.com\/news\/business-57004797 Relations between China and Australia have been on the downfall ever since Australia called for a probe into the origins of the virus, as well as banning Huawei from building its 5G network. China also imposed sanctions on Australian goods such as wine and beef last year. On Thursday, China’s National Development and Reform Commission (NDRC)… Read more »<\/a><\/p>\n","protected":false},"author":169,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4534","post","type-post","status-publish","format-standard","hentry","category-analysis"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/4534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/users\/169"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/comments?post=4534"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/4534\/revisions"}],"predecessor-version":[{"id":4535,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/4534\/revisions\/4535"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/media?parent=4534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/categories?post=4534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/tags?post=4534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}