INDIA’S population will soon surpass that of China but scientific and technological supremacy now favours China and its economic superiority is on the ascendancy because of the Chinese government’s wholesale embrace of international trade and commerce.
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China’s peculiar blend of economic freedom alongside political authoritarianism has underpinned the most rapid economic development of any country in history.
Australians have welcomed China’s decade-long embrace of iron ore, coal and liquefied natural gas but do shiver at its outward expansion of business interests.
The Foreign Investment Review Board or FIRB approved more Chinese investment capital in Australia than that of the US in 2014.
Chinese investors bought more real estate in Sydney and Melbourne combined than in London, Paris or New York.
There is a huge wall of money flowing toward Australia for investment in real estate and agriculture. Chinese companies are attracted to do business in Australia because of our growing rich population, abundant mineral resources, idyllic weather conditions, time zone and lifestyle.
Chinese influence in the politics of Australia is understandable when it is recognised that on current trends by 2024 the number of Chinese-born Australians will grow from 447,000 in 2014 to almost one million.
Chinese investment in Australia is however, still a small share of the $2.8 trillion foreigners have invested but it is joining the ranks of the US,UK and Japan in developing Australia to be the best country in the world.
Brian Winship Port Macquarie
