Friday, October 31, 2014

C NEWS: New China Bank invite gets cool reply in Canberra

Business has backed PM Tony Abbott's decision to turn down China's invitation to join a $50 billion regional bank, or BRICS BANK. Treasurer Joe Hockey was for Australia joining but was out manouvered in Cabinet on this matter. It seems a strange decision to make when we are still negotiating a free trade agreement with China?

Australia needs to make it easier for China to invest in our infrastructure and mining developments so as to ensure the continuity of our exports to them. Other nations such as Brazil, and in Africa, will soon take up the slack if we do not go down this path. Diversification of our financial resources must be a good thing, rather than be continually associated with the IMF and UN's World Bank which are dominated by the US and used to promote bizarre climate change propaganda.