Jim Chalmers has held a breakthrough meeting with China’s Finance Minister, Liu Kun, as the government continued to fret over the consequenceswhich could include a downgrade of Australia’s economic forecasts.
In addition, he noted the recent lifting by Beijing of trade bans on Australian coal and timber, and Australia’s eagerness for China to lift the bans still in place on the removal of duties on exports including barley, wine and lobster.Since the election in May last year, Foreign Minister Penny Wong, Defence Minister Richard Marles and Trade Minister Don Farrell have all met their Chinese counterparts, while in November, Prime Ministerhad the first official leader-to-leader meeting since 2016.
Dr Chalmers said that at this stage, the Treasury had not revised its domestic economic forecasts, but that could change.“Also, we’ve been monitoring what’s happening in Europe, we talked about the US. China is obviously a big piece of the puzzle for us, and so when the data out of China is a bit softer, that is concerning to us.
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