Australia to cash in on China's economic growth_美文

Australia to cash in on China's economic growth

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Despite the economic slowdown, China's economic expansion plan for the 2011 15 period and its increasingly surging demand for commodities such as iron ore and coal will continue to spur growth in Australia, China's top envoy to Australia said.

The economic slowdown could "affect China's demand for mineral goods in the short term, but from a long-term perspective, it is unnecessary for us to worry about the Chinese economy and its demand or to hold any doubts about the closer bilateral economic and trade relations between China and Australia," said Chen Yuming, China's ambassador to the resource-rich nation.

"China will continue to be the growth engine of the Australian and global economies in the next five years," he said.

The global financial crisis and eurozone debt woes have taken a toll on developed economies. The United States, with a stubbornly high unemployment rate, has launched its third round of quantitative easing, also called QE3.

Unlike previous programs, the third round has no defined limit and will continue until the labor market improves.

And while many European countries, especially Greece and Spain, face mounting debt problems, the European Central Bank recently sent its strongest signal that it will use unlimited monetary resources to save the euro.

"Australia is the only OECD nation that has not been affected by the global financial fluctuation and has led growth among developed nations since 2008," Chen said.