China is the largest trade partner of a long and growing list of countries. Many are studying the lessons of Australia’s escape from its grip
of China exposure adds goods exports to China, services exports to China and Hong Kong, and the revenue of foreign multinationals’ affiliates operating in China and Hong Kong. Australia’s exposure, at 8.2% ofLuckily for Australia, however, the two economies were such a good fit that China’s firms felt as much pain from the curbs as Australia’s, if not more. And some commodities, such as Australian iron ore, were so hard to replace China chose not to target them.
Australia’s efforts to manage the crisis politically were assisted by Chinese overreach. China’s propaganda machine fiercely denounced Australia, and almost all official contacts were frozen. In November 2020 China’s embassy in Australia made public a list of 14 grievances with the country’s then conservative government.
Mr Albanese’s government has been careful not to crow. Dispelling talk of a big win for the West, it claims to be steadfastly respectful and pragmatic in its dealing with China. The idea, ministers say, is to “co-operate where we can, disagree where we must”—meaning no gratuitous poking of the dragon. “Disagree behind closed doors, but don’t amplify your differences,” warns another Australian official. “China responds well to this.
Australia was additionally helped by the fact that China wants to join the Comprehensive and Progressive Trans-Pacific Partnership , a vast regional trade deal. As amember, Australia could block China’s accession. It accordingly made clear there was no possibility of accession talks so long as China was trampling economic rules and its pre-existing free-trade agreements with Australia.
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