(Australian Associated Press)
Treasurer Scott Morrison says the slowdown in China is like tomorrow’s sunrise, not a great shock, while insisting there are still strong opportunities for Australia amid the economic rebalance.
Mr Morrison will travel to Shanghai next week for a G20 meeting of finance ministers and central bank governors.
He has told the National Press Club on Wednesday that Australia’s job, as a good friend of China, is to support the evolution of Chinese institutions and their regulatory processes in order to help bring stability to markets.
“The fact that China is slowing down is a bit like predicting tomorrow morning’s sunrise,” he said.
“There is no great shock about that.”
China’s economic growth rate has slowed to 6.9 per cent – the lowest in 25 years.
But the volume of growth coming out of China still provides great opportunities for the Australian economy, Mr Morrison said.
“The one thing you can always bank on with China is they are committed to growth,” he said.
Australia stood to benefit from one million extra middle-class consumers coming into the Chinese market as the economy transitioned from a production to consumption phase.
Education, tourism and other exports such as health and ageing services would be among the winners.