Australia Gets Money, China Gets Australia

Chinese investment and trade in Australia have grown rapidly. Australian metals and fuels flow to China to help power industrial growth. The scale involved – the costs, the tons moved each day – buoys the Australian economy during a time of global recession. Yet while most Australians deem China’s role as positive, a majority also worries about an over-reliance on such investment. While Australia accepts billions in direct investment and project financing, corporate and political leaders are reluctant to let China gain much control over any one company. In the mining towns most affected by the boom, distrust emerges about decisions made in distant boardroom. Australians worry more will shift toward the Chinese while Aborigines fear missing out on the boom altogether. With every boom comes a bust, and Australians can’t help but contemplate that future. – YaleGlobal

Australia Gets Money, China Gets Australia

How’s that supposed to make a country feel?
Malcolm Knox
Monday, September 20, 2010
© 2010 Bloomberg L.P. All Rights Reserved.

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