CCP’s iron ore imports soar in August as revenge against Australia miscalculates again

Translated by: MOS Translate Team-Sisyphus

The General Administration of Customs of CCP imported a whopping 97.492 million tons of iron ore and concentrates in August, despite the government’s attempts to reduce steel production and ease rising commodity prices, according to data released by the General Administration of Customs on Sept. 7. The figure, while still not at the same level as a year ago, was a 10.2% jump from July’s figure.

Australia’s relationship with the Chinese Communist Party has gradually cooled since 2018 when the Australian side banned CCP‘s tech giant Huawei from participating in the construction of Australia’s 5G network. Last year, Australia-China relations deteriorated sharply when Prime Minister Morrison called for an independent international investigation into the traceability of the CCP virus. Since then, the Chinese Communist Party has launched a full-scale retaliation against Australia such as sanctions against a large number of Australian goods exported to the Chinese Communist Party, which is unprecedented in contemporary trade history. In a public speech on Sept. 6, Australian Finance Minister Fredenburg said that Australia’s total exports to the CCP fell by about A$5.4 billion in the year to June, “but exports of these goods to the rest of the world increased by A$4.4 billion in the same period.” This suggests that the Chinese Communist Party’s trade sanctions against Australia have not had the effect they had hoped for.

Now, with the Chinese Communist Party’s economy in decline, it has no choice but to increase its imports of iron ore, of which Australian iron ore accounts for about 60 percent of all – a clear sign of the failure of the Chinese Communist Party’s economic retaliation policy.

The General Administration of Customs of CCP imported a whopping 97.492 million tons of iron ore and concentrates in August, despite the government’s attempts to reduce steel production and ease rising commodity prices, according to data released by the General Administration of Customs on Sept. 7. The figure, while still not as the same level as a year ago, was a 10.2% jump from July’s figure.
Relations between Australia and China have cooled down since 2018 when Australia unilateral banned Chinese tech giant Huawei from participating in the construction of Australia’s 5G network. Last year, Australia-China relations deteriorated sharply when Prime Minister Morrison called for an independent international investigation into the traceability of the CCP virus. Since then, the Chinese Communist Party has launched a full-scale retaliation against Australia such as sanctions against a large number of Australian goods exported to the Chinese Communist Party, which is unprecedented in contemporary trade history. In a public speech on Sept. 6, Australian Finance Minister Fredenburg said that Australia’s total exports to the CCP fell by about A$5.4 billion in the year to June, “but exports of these goods to the rest of the world increased by A$4.4 billion in the same period.” This suggests that the Chinese Communist Party’s trade sanctions against Australia have not had the effect they had hoped for.

Now, with the Chinese Communist Party’s economy in decline, it has no choice but to increase its imports of iron ore, of which Australian iron ore accounts for about 60 percent of all – a clear sign of the failure of the Chinese Communist Party’s economic retaliation policy.

Now, with the Chinese Communist Party’s economy in decline, it has no choice but to increase its imports of iron ore, of which Australian iron ore accounts for about 60 percent of all – a clear sign of the failure of the Chinese Communist Party’s economic retaliation policy.

Source:

https://www.voachinese.com/a/China-s-iron-ore-imports-hi-record-in-boost-to-Australia-20210907/6216160.html

Posted by: Ivy

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