A very interesting and optimistic talk from TED.com by Kevin Rudd, past PM of Australia – http://kevinrudd.com/biography
28/06/2013
Rudd: China Boom Over
The Diplomat: “Australia’s second-time Prime Minister Kevin Rudd has wasted no time hammering a nail in the coffin of the China boom after ending the political career of his predecessor. Making his first press statement Wednesday night after successfully challenging Julia Gillard for the Labor Party leadership, the Mandarin-speaking Rudd said Australians must diversify away from the Middle Kingdom.
“The global economy is still experiencing the slowest of recoveries. The China resources boom is over…and when China represents such a large slice of Australia’s own economy, our jobs, and the opportunities for raising our living standards, the time has come for us to adjust to the new challenges,” he said.
“New challenges in productivity. New challenges also in the diversification of our economy. New opportunities for what we do with processed foods and agriculture, in the services sector, and also in manufacturing…..Looking at our global economic circumstances therefore, we have tough decisions ahead on the future of our economy.”
China overtook Japan as Australia’s top trading partner in late 2007 due to China’s seemingly insatiable appetite for Australia’s energy and mineral resources, including iron ore, coal and gold. Two-way trade amounted to A$125 billion in 2012, with Australia becoming China’s sixth-largest source of imports.
However, Beijing’s measures to cool growth sparked the end of the resource boom, with commodity prices tumbling and Australia’s miners slashing jobs and shutting mines. While Gillard’s China visit in April 2013 sparked renewed interest in trade talks, prospects for a free trade agreement (FTA) with No. 2 trading partner Japan have appeared more likely in recent times, as previously noted in this blog.
Rudd attracted criticism during his previous stint as prime minister for bypassing Japan but visiting China in his first major trip, and ironically he was scheduled to visit China on Thursday afternoon to speak at a Beijing summit.”
27/09/2012
* Rudd Sees More Economic Reforms in China
WSJ: “Australia’s former prime minister and longtime China watcher Kevin Rudd said Thursday that China’s incoming leadership will be strongly reform-minded on the economy and usher in a new era of diplomacy in the region.
As territorial disputes between China and Japan escalate, Mr. Rudd said Chinese leaders also face numerous challenges, including the flight of capital among the nation’s wealthy and a slowing economy. However, he expressed confidence in the ability of presumptive next leader Xi Jinping and his team to manage domestic challenges and foreign relations, calling him “the sort of leader that the Americans can do business with.”
The U.S. has sought to expand its influence in Asia to counterbalance China’s growing regional clout, announcing plans to increase its naval presence in the Pacific and sending top officials to canvass the region. Such moves have complicated relations between the two powerhouses, but Mr. Rudd—who said he spent much time with Mr. Xi when he was Australia’s prime minister—said he anticipates Mr. Xi’s rise will help alleviate such tensions.
“I believe that Xi Jinping will want to work…with the Americans on a common road map for the region’s future,” Mr. Rudd told The Wall Street Journal at the end of a two-week trip to China and Hong Kong. Mr. Xi’s ascension will allow the U.S. and China to “carve out a different period of strategic cooperation.”
Mr. Rudd said he expects further privatization of Chinese state-owned firms after the new leadership takes over, in part to address private sector companies’ concerns about their business prospects, which has led to some capital outflows. He also expects further currency liberalization and said that change is necessary, because the current growth model can’t sustain full employment in China.”
via Rudd Sees More Economic Reforms in China – WSJ.com.
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