The headlines about China this month have been scary for some Australians. In particular, people who sell coal and iron ore are worried. They hate the fact that China’s industrial sector – after three decades of historic growth – is finally slowing down.
On the other hand, Australians who work in construction, tourism, education or real estate should be joyous. The decline in China’s industrial sector is being accompanied by a shift to consumer demand, which means more buyers for the things you are selling.
From a letter to the AFR today: