China-Australia crossfire Xie Jinhe: an unbalanced world A stalled economic train is hitting the market harder and harder

In a Facebook post titled “An unbalanced world, a stalled economic train! The Sino-Australian spat is spreading more and more widely, and both sides seem to be testing the limits. But the impact on the market seems to be getting bigger and bigger.

First, Australia’s seafood exports to China were frozen at customs because of technical barriers to entry, followed by Australia’s largest wine exports to China, then timber, coal, iron ore…

Xie Jinhe said, in the past, the Chinese Communist Party through trade means, so that no one in the world, dare to say no to China, even the largest in Europe, Germany, because China is the largest market for German cars, Mei Keer also dare not say no to China. This time, Australia is hardening up and the relationship between the two countries is intensifying, and both sides seem to be testing the bottom line. But the impact on the market seems to be getting bigger and bigger.

Last year, bilateral trade between Australia and China amounted to $235 billion, accounting for 26.4% of Australia’s total imports and exports, and Australia’s exports to China $153 billion, accounting for 32.6% of exports, the most representative is Australia’s wine exports, 90% of which are sold to China, China does not import Australian wine, how big is this impact? We can imagine.

As for China and Australia, what impact on the world? Xie Jinhe said, China does not import Australian coal, has caused the price of coal rising, and even caused many Chinese cities lack of electricity, power restrictions, the impact on people’s lives.

The ban on iron ore imports has also caused the price of iron ore to rise sharply, which also affects the global steel industry. In the past few months, copper prices have soared from $4,601 to over $8,000, and prices of non-ferrous metals such as lead, zinc, aluminum, nickel and tin have all risen significantly.

Xie Jinhe finally mentioned, “Recently, I’ve been socializing outside, and I’ve had more opportunities to drink Australian wine! This unbalanced world, the stalled economic train, may continue.