Brilliant Beijing refuffs Albo’s cowards

In the latest installment of the bizarre and wonderful annals of Beijing looking after the Australian national interest much better than Canberra does we have got this:

Chinese Foreign Ministry spokesman Wang Wenbin has defended Beijing’s trade sanctions on $20bn worth of Australian exports, saying the measures were “legitimate, lawful and beyond reproach.”

Mr Wang said the stance taken by China was “strictly consistent with Chinese laws and regulations and WTO rules with a view to protecting the legitimate rights and interests of relevant industries in China and the safety of our consumers.”
“Our position on China-Australia relations is consistent and clear,” he said.

Mr Wang said that Beijing hoped Australia would “handle bilateral relations in the spirit of mutual respect and mutual benefit and work with China to promote the sound and steady development of (the) China-Australia comprehensive strategic partnership.”

Thank you, Beijing, for rejecting the kowtowing of Albo’s cowards. Retaining the trade sanctions is precisely what we need to prevent any increase in business-to-business links, which will enable Australia to continue its putative project of diversifying away from China.

There is even better news in investment:

Chinese investment in the Australian economy fell a staggering 69 per cent in the last financial year, according to new data from KPMG and the University of Sydney Business School.

Over $1 billion in Chinese investment was wiped from Australia in 2021, with Chinese Outbound Direct Investment (ODI) falling to its lowest level since 2007.

Moreover, this is a marvelous precursor to Australia declaring force majeure (owing to the Ukraine war) on 20% of the east coast gas going to China. China is taking 70%+ of east coast volumes so taking back 20% would only be 14% of the overall exports.

But that would be enough to crash the local gas price to $5Gj and put a big dent in the energy crisis at home.

We would still need to do the same with thermal coal but China does not take that from Australia anymore.

Bravo Beijing!

Houses and Holes

Comments

  1. Labour have acquiesced. And a port will soon appear in the Solomons and nothing will be done about it…

    Wong claimed that its occurrence was a major policy failure, and yet she fought both and nail to stop Morrisons crusade against Chinese influence (even against members of her own Party). He will be the last PM to do so.

    And those subs Morrison was planning to get? You will never hear of them either. But we will buy a missile or two…

    We will reap what we sow.

    • PalimpsestMEMBER

      Oh you jokester. Scomo fighting against Chinese influence – yes, if it was in the ALP. Not so much in his own party, or his contributors. As for SI, not if it involved any effort either. Words, not action. We don’t use the phrase “a Scomo promise” to mean an empty, vapid statement for nothing. Wong got on a plane and did something. The Pacific regional accord was not signed. Action, not just empty words.

      We’re just lucky the Chinese were upset enough by mere words. Unfortunately, they then took action.

      • Its not a Labour bash – Wong and two others persecuted a fellow colleague on the basis of national security who wanted to keep our distance against China. Its on the record exactly what happened. Albo (nice guy) is the figure head.

        Once built and in operation – Its hard to sink a harbour!

        • Mic SmithMEMBER

          Yeah and Ms Wong and the other two pushed the poor lady to an early death. Disgraceful. Art least one of the gang of 3 are out of parliament now

  2. I think you all should give the new Government a chance instead of just piling in – they inherited shite form years of crap from the LNP – its only been 2 months FFS! Same goes for trying to solve the energy crisis, and they have achieved more than the last 9 years of inaction.
    Ex Liberal voter!

  3. No analysis of Chinese FDI is complete without also considering Singapore and other ‘like’ countries through which investment may flow to then arrive in Australia.

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