China stimulus likely to boost Australian economy, Chalmers says
Australian Treasurer Jim Chalmers hailed China’s new stimulus effort as a “really welcome development” for both his nation and the global economy after meetings with counterparts in Beijing during a two-day visit.
Chalmers said he had discussed China’s plans to boost its economy in his meetings with officials that included the chair of the National Development and Reform Commission Zheng Shanjie.
“We think this is a really welcome development,” he told reporters in Beijing on Friday. “A very welcome development here in China but also for the global economy and especially for our own economy.”
The Australian treasurer’s visit, the first by an official of his level in seven years, came as China’s central bank cut a key short-term interest rate and the 24-man Poliburo announced plans to ramp up fiscal spending in a bid to avoid missing economic growth targets.
“What happens here and what is decided here has big consequences for own economy, our own workers and businesses and investors, and for our country more broadly,” the treasurer said.
Beijing’s moves came in response to a three-year slump in the housing market and a weak recovery from the pandemic that have weighed on the world’s second-largest economy. That has significant fallout for Australia, given China is its largest trading partner.
Chalmers said the two countries had agreed to hold economic talks in 2025 in Australia.
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