Essay about Trade Between Australia And China - 1888 Words

Many products we use today are made in China. Trade between Australia and China has heightened in the last couple of years. China has one of the world’s largest economies. It has an increasing role in shaping the world economy, accounting for a third of the increase in the world’s gross domestic product and imports for the period 2000 to 2003 (The Economist 2004). It is also home to a population of 1.3 billion inhabitants, consuming a variety of goods from food items to luxury commodities, toys, clothing, gifts, most car parts and many more things Australia benefits from. For non-agricultural goods, Australian import tariffs are generally low. The most notable exceptions are on motor vehicles and textiles, clothing and footwear imports.†¦show more content†¦Since the implementation of the reform and opening-up policy in 1978, Chinas economy has been undergoing a rapid and healthy development. Over the past 27 years, Chinas annual GDP growth has averaged 9.4 pe r cent, more than doubled that of the world as well as more than two folds that of the developed nations over the same period. In 2004, Chinas GDP reached USD1650billion, an increase of 9.5 per cent over 2003.(The Embassy of the Peoples Republic of China in Australia, June 2005) Last year Australia imported $287.8 billion in goods from China, up from $51.5 billion a decade ago, according to the Australian Commerce Department (Asia Education, The University of Melbourne 2005). Although Australia is importing its many goods from china and reducing the cost, Australia also have to consider the unemployment rate and safety issues with these imported goods from Asia. China is one of the biggest countries along with Thailand and Japan who make goods for Australia. Being Australia’s third largest merchandise trading partner and seventh largest service export market in 2003, China might significantly affect the Australian economy through any changes made to its trade policies. A more liberal Chinese trade policy could increase Australia’s income in part through greater market access for its exports. Of every hundred dollars of nationalShow MoreRelatedTrade Between Australia and China2020 Words   |  9 PagesMany products we use today are made in China. Trade between Australia and China has heightened in the last couple of years. China has one of the world’s largest economies. It has an increasing role in shaping the world economy, accounting for a third of the increase in the world’s gross domestic product and imports for the period 2000 to 2003 (The Economist 2004). 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