Why China could emerge as a victor in the aftermath of the Midde East war | The Business | ABC NEWS
As the global oil shock from the Middle East war reverberates through economies, China is proving its resilience. Westpac’s head of international economics, Elliot Clarke says Beijing could be benefiting from this conflict. He says there are two main reasons, one is the nation’s oil reserves, and the other is the growing global demand for China’s green technology as the war in the Middle East pushes the drive to electrification. China’s economy began the year in good health, with GDP growing annually at 5 per cent in the first quarter. Elliot Clarke says the data shows a long- awaited stabilisation in consumer demand and an end to the sharp decline in housing investment. China’s property sector is a major driving force for demand for Australian commodities, including its biggest export iron ore. Elliot Clarke says the competition in that sector is heating up with various Asian countries stepping up to offer their exports to China.
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