{"id":113668,"date":"2021-05-06T06:56:59","date_gmt":"2021-05-06T06:56:59","guid":{"rendered":"https:\/\/fin2me.com\/?p=113668"},"modified":"2021-05-06T06:56:59","modified_gmt":"2021-05-06T06:56:59","slug":"china-suspends-economic-dialogue-with-australia-as-relations-curdle","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/china-suspends-economic-dialogue-with-australia-as-relations-curdle\/","title":{"rendered":"China suspends economic dialogue 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 strained relations between the two countries.<\/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

Australian Trade Minister Dan Tehan said the decision by the commission was \u201cdisappointing\u201d because the economic dialogue was \u201can important forum for Australia and China to work through issues relevant to our economic partnership\u201d.<\/p>\n

\u201cWe remain open to holding the dialogue and engaging at the ministerial level,\u201d he said in a statement.<\/p>\n

Related Coverage<\/p>\n<\/p>\n

The last meeting 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 cooperation deals struck by the state of Victoria, prompting the Chinese embassy to warn that ties were bound to worsen.<\/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

Successive Australian trade ministers have been unable to secure a phone call with Chinese counterparts since diplomatic tensions worsened in 2020.<\/p>\n

In the 12 months to March, Australia exported A$149 billion ($115 billion) worth of goods to China, excluding services, of which iron ore was by far the largest product.<\/p>\n

Experts expect the bilateral 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

Matt Bekier, CEO of No.2 Australian casino operator Star Entertainment Group Ltd, which relied on Chinese tourists as a key revenue source until Australia closed its borders due to the pandemic, told the Macquarie Australia Conference he was unconcerned about China\u2019s suspension of the Strategic Economic Dialogue. \u201cI\u2019m probably a bit more optimistic that people will do what they\u2019ll do. That\u2019s not to say that (there won\u2019t be) a number of months of challenges in the government relations,\u201d he told the conference in Sydney.<\/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 strained […]<\/p>\n","protected":false},"author":3,"featured_media":113667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nChina suspends economic dialogue 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-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 with Australia as relations curdle - Fin2me\" \/>\n<meta property=\"og:description\" content=\"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 strained [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/china-suspends-economic-dialogue-with-australia-as-relations-curdle\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-06T06:56:59+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/05\/China-suspends-economic-dialogue-with-Australia-as-relations-curdle.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/china-suspends-economic-dialogue-with-australia-as-relations-curdle\/\",\"url\":\"https:\/\/fin2me.com\/markets\/china-suspends-economic-dialogue-with-australia-as-relations-curdle\/\",\"name\":\"China suspends economic dialogue with Australia as relations curdle - 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