Chinese newspaper savages Australia's 'arrogant attitude'
An editorial in China's state-run newspaper has savaged Australia's diplomatic tactics, threatening to cut off billions of dollars of exports.
The Op-Ed published in the Global Times urges China to "make Australia pay for its arrogant attitudes" by cutting how much wine and beef it buys from Aussie producers.
"Since the beginning of this year, Australia has revealed a friendly attitude on a few occasions in apparent attempts to soothe China relations," the editorial reads.
"However, it is necessary for China to leave Australia hanging for a while, instead of being too quick to bury the hatchet whenever Canberra tries to put a smile on its face."
The newspaper claims that negative reporting on China by the Australian media has hurt the relationship between the two countries, and that the major world economy should give Australia a "good lesson".
"Metal ore is Australia's major export to China. As long as China is in need of the metal exports, and a replacement remains difficult to find, they will continue to import them," the editorial reads.
"But when it comes to wine and beef, China can easily import those items from the US, replacing Australia.
"Lowering Aussie exports by $6.45 billion would send cold chills up and down the spine of Australia."
According to government data, Australia is China's sixth largest trading partner, while China is Australia's largest trading partner.
Iron ore and coal derive the bulk of Australian exports to China (estimated to be worth in excess of $49 billion per annum) while a fifth of all manufactured imports entering Australia come from China.
The Global Times believes a "slowing down" of trade would teach Australia to respect the growing economic power of China.
"China has been very friendly toward Australia, but their arrogant attitudes in return over the past two years have become a virtual example of what it means to 'bite the hand that feeds," the newspaper reported.
"Australia's image among Chinese people has grown increasingly negative due to its warped accusations hurled at China. China does not need to spend time and effort seeking out revenge against Australia.
"The cooling of bilateral relations between the two may last for a while, perhaps a few years or even longer.
"It will be a good lesson for Australia to learn, while also setting a precedent for other nations to follow in that there are no benefits for any country that chooses to take provocative measures against China."
Governor of Australia's Reserve Bank, Philip Lowe, yesterday warned that China's enormous run-up in debt posed a risk to Australia's economy, but it was in the best interests of both nations for each other to succeed.
"A stable and robust financial system in China is clearly in Australia's interest," said Lowe.
"So too is a prosperous China as part of a rules-based international system.
"As the economic relationship between our two countries broadens and deepens, developments in China are having a material impact on more and more Australian industries: it is more than just about resources."
https://finance.nine.com.au/2018/05/24/09/23/chinese-newspaper-savages-australias-arrogant-attitude