two deals struck by the state of Victoria with Beijing on President Xi Jinping’s Belt and Road infrastructure programme, calling them and two other agreements “inconsistent with Australia’s foreign policy or adverse to our foreign relations”. The Chinese government has warned of further damage to already frigid ties.
Canberra seems okay with that. In fact the economy has largely shrugged off Chinese pressure so far. Agriculture and wine have been rattled by tariffs, butmarkets have taken up the slack. The crucial iron ore trade has been left alone. That has left Prime Minister Scott Morrison free to focus on ameliorating the economic effect of the pandemic – which he has done. Business confidence has rebounded, unemployment has fallen to 5.6%, and the S&P/ASX 200 index is up 7% this year.
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