China's economic growth good for Australia's trade future: economist

Chief Economist of Australian Trade Commission Tim Harcourt said here Wednesday that China's economic growth was encouraging and good for Australian trade and investment.

"Trade and investment links with China and other emerging economies are going to help Australia survive the global credit crisis," said Harcourt at the Australia China Business Forum.

He said, despite the global downturn, China predicted economic growth of between 6 and 8 percent in 2009, which, coupled with the latest industrial production figures, indicated a return to solid growth, particularly in the second and third tier cities in west China.

According to him, Australia's share of exports to emerging countries rose to 53 percent compared with 43 percent 10 years ago. The exports to China has seen an average annual growth of 24.8 percent over the last 10 years.
 
"According to research commissioned by the Australia China Business Council, the average Australian household now benefits to the tune of 3,400 Au dollars (2550 U.S. dollars) a year from Australia's trade with China," Harcourt said.
 
 "Investment is also an increasingly important part of the Australia-China relationship. Strong outward FDI flows from China are replacing the traditional trade route as a form of global engagement."

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