Warnings about the long-troubled economy of Australia’s largest export destination, China, are now coming thick and fast. The International Monetary Fund (IMF) last week pushed Treasurer Jim Chalmers to prepare by bolstering the federal budget’s bottom line, and Chalmers recently issued his own concerns about the outlook for China, as well as for Japan, Australia’s second-largest export market.
The COVID pandemic arrived at the end of a long housing boom that had underpinned China’s economy since the 2007-08 global financial crisis. The collapse of property giant Evergrande in 2021 triggered the ongoing crisis now plaguing China’s overheated property sector, the deep structural problems of which are hitting consumer confidence and now the country’s banks.
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