The Chinese economy has had a persistent trade surplus with the U.S. and the rest of the world for about a quarter century; that means they sold more stuff to the rest of the world than they bought. The excess cash that was earned from selling stuff abroad, but not buying a like amount of foreign goods, wound up in the hands of the government (central bank intervention in the currency market to keep the Chinese currency from appreciating against the dollar and other foreign currencies).
If Australia want to follow this footstep, we need to have lots of products made in Australia that we can sell abroad. No we can’t. The best we can do is to keep on supplying China with raw materials & earn this commodity living. Because of this we avoided 2008 GFC.
