{"id":113663,"date":"2021-05-06T05:10:28","date_gmt":"2021-05-06T05:10:28","guid":{"rendered":"https:\/\/fin2me.com\/?p=113663"},"modified":"2021-05-06T05:10:28","modified_gmt":"2021-05-06T05:10:28","slug":"china-suspends-economic-dialogue-mechanism-with-australia-as-relations-curdle","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/china-suspends-economic-dialogue-mechanism-with-australia-as-relations-curdle\/","title":{"rendered":"China suspends economic dialogue mechanism with Australia as relations curdle"},"content":{"rendered":"

BEIJING (Reuters) – China \u201cindefinitely\u201d suspended on Thursday all activity under a China-Australia Strategic Economic Dialogue, its state economic planner said, the latest setback for their strained relations.<\/p>

FILE PHOTO: Australian flag flutters in front of the Great Hall of the People during a welcoming ceremony for Australian Prime Minister Malcolm Turnbull (not in picture) in Beijing, China, April 14, 2016. REUTERS\/Jason Lee<\/figcaption>

\u201cRecently, some Australian Commonwealth Government officials launched a series of measures to disrupt the normal exchanges and cooperation between China and Australia out of Cold War mindset and ideological discrimination,\u201d China\u2019s National Development and Reform Commission (NDRC) said in a short statement on the decision.<\/p>\n

The commission did not say in the statement what specific measures prompted the action.<\/p>\n

The Australian dollar fell sharply on the news, and was as low as 0.7701 to the U.S. dollar from Wednesday\u2019s $0.7747.<\/p>\n

Bilateral ties were strained in 2018 when Australia became the first country to publicly ban Chinese tech giant Huawei from its 5G network. Relations worsened last year when Australia called for an independent investigation into the origins of the novel coronavirus, prompting trade reprisals from China.<\/p>\n

Australia\u2019s trade minister, Dan Tehan, did not immediately respond to a request for comment on China\u2019s decision.<\/p>\n

The last meeting under the mechanism, intended as a framework for economic cooperation, was in Beijing in 2017, when Australia\u2019s trade minister signed an agreement on cooperation on Belt and Road projects in third-party countries.<\/p>\n

Australia has, however, declined to sign agreements on direct participation in China\u2019s flagship foreign policy initiative.<\/p>\n

In April, Canberra cancelled two Belt and Road deals struck by its state of Victoria, prompting the Chinese embassy to warn that already tense bilateral ties were bound to worsen.<\/p>\n

Reuters reported this week that Australia was reviewing the 99-year lease of a port in its north to a Chinese firm, according to a government source.<\/p>\n

Australia\u2019s federal parliament granted veto power over foreign deals by states in December amid the deepening diplomatic dispute with China, which has imposed a series of trade sanctions on Australian exports ranging from wine to coal.<\/p>\n

In the 12 months to March, Australia exported A$149 billion ($115.04 billion) worth of goods to China, excluding services, of which iron ore was by far the largest product.<\/p>\n

(Graphic: Australia exports to China vs the rest of the world – )<\/p>\n

A trader said he expected the latest strains would not have a major impact on the iron ore trade.<\/p>\n

\u201cWe believe the iron ore trading relationship between Australia and China will remain ring-fenced in relation to current political tensions between the two nations,\u201d said Atilla Widnell, managing director at Singapore-based Navigate Commodities Ptd Ltd.<\/p>\n

\u201cThis is a co-dependent relationship whereby either party cannot survive without the other.\u201d<\/p>\n

($1 = 1.2952 Australian dollars)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BEIJING (Reuters) – China \u201cindefinitely\u201d suspended on Thursday all activity under a China-Australia Strategic Economic Dialogue, its state economic planner said, the latest setback for […]<\/p>\n","protected":false},"author":3,"featured_media":113662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nChina suspends economic dialogue mechanism with Australia as relations curdle - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/china-suspends-economic-dialogue-mechanism-with-australia-as-relations-curdle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China suspends economic dialogue mechanism with Australia as relations curdle - 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