Early advantage paying dividends
皇冠体育app is Australia's No 1 trade partner, export destination, import source and, increasingly, investment source. It's no wonder a long line of Australian state and federal ministers will visit Beijing to celebrate the 40th anniversary of diplomatic ties between Australia and 皇冠体育app.
Foreign visitors are mainly concerned with the fast pace of economic growth in 皇冠体育app and its impact on the rest of the world. Now the fear is not of how fast 皇冠体育app is growing, but how fast it is slowing. Because, with the euro crisis and the on-again off- again recovery in the United States and Japan, if there's anything the world fears more than a fast 皇冠体育app, it is a slow 皇冠体育app. This fear of a Chinese slowdown has come to the fore especially after the People's Bank of 皇冠体育app introduced another round of interest rate cuts and recent data have not been as strong as expected.
It is debatable whether interest rate cuts would work anyway, given the amount of stimulus that is still in the Chinese economy as Beijing moves economic activity to the second and third-tier cities in the interior. It is not like the United States where rates are so low that expansionary monetary policy is now like "pushing on a string".
