The government has said it will strengthen Australia’s economy and help businesses diversify as China becomes more “confident and assertive” and “willing to use its economic weight as a source of political pressure”.
China is Australia’s largest two-way trading partner, accounting for over 30% of trade, and Mr Frydenberg said the country is “on the frontline of strategic competition”.
He said: “In many ways, our economies are complementary… however, it is no secret that China has recently sought to target Australia’s economy. Citing 14 so called ‘grievances’, covering everything from our foreign investment laws to our willingness to call out cyber attack. They have targeted our agricultural and resources sector, with measures affecting a range of products, including wine, seafood, barley and coal.”