Australia is the most dependent on China in the world
作者 :  本刊编辑部

  Australia claimed to be the most dependent on China in the world, reported the Australian media. It might bring some benefits to the Australian economy, but sometimes it means negative effect.
  The performance of the Australian stock market could prove this. On March 10, when the Chinese government published the weak economic data, the total value of Australia’s stock market dropped 1%. In 2011, Times Magazine reported that Australia is the“coal mine for China”. Henceforth, Australia is growing more and more dependent on the exports to China.
  Australia used to be quite dependent on UK which was a large consumer of its products. However, the present dependence of Australia on China is much more intense than its reliance on the UK anytime after World War II.
  Tom Conley from Griffith University said: “Now, Australia is the country most dependent on China in the world.”
  According to Bloomberg, in 2013, the exports from Germany to China accounted for 6% of Germany’s total exports. The proportion was 9% for the U.S., 19% for Brazil, 20% for Japan and 29% for South Korea. In Australia, however, the figure reaches 31%.
  The global investors have an increasingly strong feeling that the Australian economy is the extension of Chinese economy. Actually, they consider Australia to be the substitute for China.
  Many international investors consider the deal of Australian assets to be a safer measure compared with the trade of Chinese assets. Why do not they directly buy the assets of China? That’s because the Chinese government manipulates the exchange rate and reins in the capital flow, keeping many big clients from moving a large amount of capital into and our of China as freely as they want. Particularly, they worry that once there is a crisis, their money will be chained in China with a bad fluidity.
  It is known that the Australian financial market is one of the freest, safest and most matured markets in the world.
  But where is the risk of investing in Australia? Are they solely related to the economic ties with China? This is indeed a major risk for Australia. Another noteworthy problem is: if any emerging economic problem occurred to China, Australia, with its financial market closely tied to the Chinese one, might be impacted as well.
  Peter Nathaniel, fund manager of the Miami branch of Australian Impala Investment, said: “If the Chinese market goes unexpectedly poor, the Australian bonds will be undersold massively. When investors are warned of that risk, they hope for higher yield from the Australian bonds to offset the risk. This will force the interest rate of Australian bonds to go up.”   If the interest rate is slightly increased, no loss would happen, but if the interest rate goes up drastically, the Australian economy will be met with harsh problems.
   Australian website to “lease”friendship
  With the development of the Internet, many things that used to look unrealistic in the past are now close to becoming the truth. It is reported that a new website in Australia is going to allow Australians to “lease the friendship”.
  This website is called Friends for Hire, which was launched on March 22. Any netizen that have in-advance registration could use this service. Wildslide spent three months developing this website, as well as its publicity and operation.
  This website divided the registered users into two categories: friends and members. The cost of hiring friends is at most 60 Australian dollars per hour. The members need to pay not only the hire cost, but also the membership fee that is 5 Australian dollars per week. It is known that there are 1500 registered users in this website.
  Josh Blundell, co-founder and cooperator of the website, claimed that it did not provide opportunities for dating. It is not a platform to find the sexual services either. “Each member and friend is different and can be found based on the demand,” he said.
  For example, a man having just settled into a city might need a companion for his/her body exercise or new language course. He stressed: “It is not a dating website. It is designed for these lone people. If someone is found to do things beyond what is allowed, they will be deprived of the membership and banned by the website.
  But some mental health experts have doubts about this website. Can the friendship be bought or hired? An American psychologist said that the existence of this website is the woe for human beings. “The true friendship should be based on shared experiences and concept value and the two friends should be an equation to each other.”
   China’s fight against smog to impact Australia’s ore export
  The serious haze hazard is getting rampant in China. As reported by the media, the smog in China, especially in North China, most came from the thermal power plants, steel plants and cement plants, which have discharged a lot of pollutant to he air.
  The efforts of China to reduce the smog might further limit the development of the steel industry in this country. This might force several small smelting furnaces and steel companies to be shut down. Different from the previous events of bringing down the steel output, the local governments, the implementer of the plan, is going to be chained by the review of environmental performance.   This is believed to be an uncertain factor for the Australian mining com- panies. There are two possible negative outcomes. First, China would not increase the import of iron ores in the future. Last year, China imported 820 million tons of iron ores in total, 300 million of which came from Australia.
  Second, Chinese steel companies might come to look for better iron ores with higher iron content and less water and sulfur. Using these ores can massively lower the steel companies’ cost of environmental protection and coal consumption. For this, the gap between the prices of high-quality and low-quality iron ores are to be widened, which will impact the industrial structure of Australia’s ore industry.
  In addition, China’s crackdown on the steel production might generate significant influence over the coal export of Australia. In 2013, China imported around 100 million tons of coal from Australia. Though the exportation of choke coal can remain untouched, the export of hot coal might be the first one to receive the impact.

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