Australian Economy Is Too Dependent on China and Needs Diversification, Says Senate Opposition Leader

Under Australia's new foreign relations law, which allows the federal government to veto pacts between states and overseas governments or institutions, it is expected that agreements on the ‘Belt and Road’ (‘B&R’) initiative and Confucian Institutes between local governments and China will be voided. Penny Wong, leader of the opposition Labor Party in the Senate, said on 7 December that she hopes the federal and Victorian governments will have “sensible discussions” regarding the latter’s ‘B&R’ agreement. While stressing the need for a new economic strategy where Australia will work with other countries, Wong fell short of signalling a revocation of Victoria’s ‘B&R’ agreement.

As Victoria’s ‘B&R’ agreement with China faces the prospect of being suspended, Wong said in an interview with the ABC that she thinks the federal government “should try to resolve this in a way that respects engagement with the state government and that recognises that China will observe how this is handled carefully”.

Adding that the Labor Party supports the Liberal government in opposing Victoria’s ‘B&R’ initiative, Wong did not indicate specifically that the agreement will be unilaterally cancelled. Wong suggested that instead of considering how Australia can fix its relationship with China, it needs a strategy to diversify its economy and cooperate with other countries in the region given that it is now too reliant on China.

Source: Stand News #Dec07

#Australia #Victoria #China #OneBeltOneRoad #BeltAndRoad #PennyWong #Labor #Diplomacy #Economy #Trade

https://bit.ly/38ES1Sa

#InternationalRelations
Switching from China's “One Belt One Road” to the United States' "B3W", Italian Foreign Minister: US is more important than China 
 
United States stated in mid-June that it had established a global infrastructure plan called Build Back Better World (B3W), which compete with “One Belt One Road” from China. Italy, one of members from “One Belt One Road”, after joining B3W this year the Foreign Minister Luigi Di Maio publicly indicated yesterday, although Italy and China have the trading and historical relationship, however this is absolutely not comparable.  
 
Italy joined the “One Belt One Road” in 2019, is the first G& countries participate the project. According to Politico, Italy joined the project during the reign of former Prime Minister Silvio Berlusconi, the former government hoped to use this to attract Chinese investment to revitalize its economy that has stagnated for decades. According to Reuters, the United States has previously expressed concern about Italy joining the China-led “One Belt One Road” initiative.  
 
Source: Stand News #Jun29
 
 https://bit.ly/3k5BGgW
 
#Italy #UnitedStates #B3W #OneBeltOneRoad #G7 #China #Economy  

#InternationalRelations
Switching from China's “One Belt One Road” to the United States' "B3W", Italian Foreign Minister: US is more important than China 
 
United States stated in mid-June that it had established a global infrastructure plan called Build Back Better World (B3W), which compete with “One Belt One Road” from China. Italy, one of members from “One Belt One Road”, after joining B3W this year the Foreign Minister Luigi Di Maio publicly indicated yesterday, although Italy and China have the trading and historical relationship, however this is absolutely not comparable.  
 
Italy joined the “One Belt One Road” in 2019, is the first G& countries participate the project. According to Politico, Italy joined the project during the reign of former Prime Minister Silvio Berlusconi, the former government hoped to use this to attract Chinese investment to revitalize its economy that has stagnated for decades. According to Reuters, the United States has previously expressed concern about Italy joining the China-led “One Belt One Road” initiative.  
 
Source: Stand News #Jun29
 
 https://bit.ly/3k5BGgW
 
#Italy #UnitedStates #B3W #OneBeltOneRoad #G7 #China #Economy  

“One Belt One Road” from China has become a dead end, the photo of the construction made into ruins exposed, hundreds of billions of debts to other countries 
 
China aims to expand its influence in the world, has announced a project of “One Belt One Road” recently. However, there are more and more argument, including many countries broke into a “debt trap”. Including Montenegro, Sri Lanka, Kazakhstan, Kenya, and other countries, although they once received preferential treatment from China’s “One Belt One Road”, China did half of the construction, but left the construction sites in ruins, and the roads really became “dead roads”.  
 
The Sun from England stated from the report, in countries with weaker economic power such as Asia, Europe, and Africa, China advocates the “One Belt One Road” initiative and makes these countries willing to believe in China, but in the end, it will fall into a debt trap. These countries allow China to carry out construction projects in China, but many projects are only halfway through, resulting in construction sites turned into rubble, and they must make these countries debt with about NT$100 billion.  
 
Source: Stand News #Jul16

 https://bit.ly/37Pgd4C
 
#China #OneBeltOneRoad #HeavyDebt #TheSun #Construction #Infrastructure  

#China’s expansion into #Africa through its debt based diplomacy, #OneBeltOneRoad, has caused it to gain massive leverage over African nations. This is part of China’s ambition to drive the influence of the U.S. out of the continent.

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