Australia PM Gillard: China growth remains strong

[beijingwalker]

Australia PM Gillard: China growth remains strong

June 6, 2012, 9:34 p.m. EDT

By Ray Brindal

CANBERRA--Australia's biggest trading partner, China, will continue growing strongly as the country moves to lift people out of poverty through a broad urbanization program, Prime Minister Julia Gillard said Thursday.

Australia will continue to benefit from China's growth, even as recent data points to an economic slowdown in that nation, Ms. Gillard said in an interview with Australian Broadcasting Corp. radio in Sydney.

"They need somewhere to live and it's Australian commodities that are helping them build what they are going to live in, and that phenomenon--urbanization of China--is going to continue for a long time yet," she said.

Australia's first-quarter economic growth numbers, issued Wednesday, were the strongest in four years, Ms. Gillard added, as the data confirmed uneven growth between mining and non-mining sectors of the economy.

Australia's average measure of gross domestic product rose 1.3% in the first quarter of 2012 from the fourth quarter of 2011, and 4.3% on year.

"Consumption in these figures is strong, so the economy has got more strength than just in mining, but there is still a patchwork effect here," she said.

The government's Mineral Resources Rent Tax, a charge on the profits of resources companies, will help spread the benefits of the country's mining boom, Ms. Gillard added.

Australia PM Gillard: China growth remains strong - MarketWatch

 

[Roll in deep]

Asia still engine of world.

 

[national_pk]

Unfortunately, the economic growth in China will have to eventually slow down for the following reasons:

1- Demographic... 1 child policy will eventually severely reduce the Chinese work-force, as the current work force will age and is only replaced by a next generation (50% of the older generation and so on...), take a look at how the age structure is migrating towards 65 and over % (Social and Demographic indicators in China)
2- Inflation and Income increase, is making labour more expensive and thus less attractive for international firms to build factories in China and outsource its work

 

[xdrive]

She is desperate for China to keep growing to stay in power. If China doesn't grow, Australias tax revenue will go down and she won't have any money to fund her socialist redistribution of wealth policies and all her other wasteful spending projects.

 

[anarchy 99]

She is desperate for China to keep growing to stay in power. If China doesn't grow, Australias tax revenue will go down and she won't have any money to fund her socialist redistribution of wealth policies and all her other wasteful spending projects.

whats wrong with social redistribution?

 

[xdrive]

whats wrong with social redistribution?

Australia is a free market capitalist economy. Socialism doesn't work. Australians don't like socialism and we especially don't like leaders who try to bring in socialism by stealth which is what Julia Gillard and her government is trying to do, especially with her new "Carbon tax" which she claims is to help reduce pollution but in reality its just a socialism redistribution of wealth