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Australia : Chinese economic growth brings Australian wool industry''s growth |
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2005-8-26
According to Professor Ross Garnaut from the Australian National University, Australian agriculture, particularly wool is depends on China’s spectacular economic growth. China sustained annual growth of 10 per cent because of major economic and political improvement and without China. Australia''s wool industry would be in real trouble.
"It increases final demand for wool quite a lot because the Chinese, as they get richer in that cold climate of north China, like wearing wool and a lot do,", he said.
"Also, that part of China''s imports from us which it re-exports also does us good, because their role as a processor of Australian wool is reducing prices and improving quality to final consumers and that also helps demand for wool" he added.
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