The Australian government research has found that China's punitive trade restrictions have been harmful to the Australian economy.
According to Bloomberg News on Tuesday (July 25), the latest assessment released by the Australian Productivity Commission shows that even if Australia faces China's punitive trade operations, Australia's exports remain strong, especially by China restricted by ChinaThe exports of barley and coal quickly found a new market.
The committee's assessment states that once the products restricted by China have found new buyers, China's trade restrictions on Australia are not good for Australia, only 0.009%of GDP (GDP).
But the committee also admits that although the overall economy may be affected, some enterprises still "pay a heavy price."
Sino -Australian relations fell to the bottom during the administration of the Morrison government in 2020. At that time, former Australian Prime Minister Morrison called for a traceability investigation of coronary virus, and banned Chinese communications giants from participating in Australia's 5G network.Construction.In response, the Beijing government imposed high tariffs on Australian coal, wood, and seafood products. Among them, 80.5%of the five -year comprehensive tariffs were levied on barley, which was cut off the export of Australia to the Chinese market.
Since the election of the left -wing Labor government in mid -May 2022, China and Australia have restored high -level ministerial meetings. The two countries have also tried to improve diplomatic relations and resolve trade disputes, political differences and security concerns.The governments of the two countries are currently trying to end China's tariffs on Australian barley and wine.
But China requires another month to complete the review of barley tariffs for another month.
