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China has been Australia's largest export destination and import source since 2009.
China has loaned the US more than trillion by buying treasury bonds. Does anyone seriously believe it would be legal or moral for the US government to decide not to pay back these debts? For 50 years, the US government has increasingly borrowed to finance its debt-and substantially from foreigners. The quickest way to bankrupt the US government would be to do anything that even hints at not honoring these obligations.
China has been trying to shift its economy toward a growth model powered by consumption, services and innovation. The service sector accounted for more than half of the Chinese economy last year.
China has been making efforts to reform and develop the global governance system. Xi Jinping, general secretary of the CPC Central Committee, emphasized the community of a shared future for mankind in his keynote report delivered to the Party Congress on Oct 18.
China has made major strides in manufacturing in the past decades. It is now the only country in the world that ticks all the industrial category boxes under the United Nations' International Standard Industrial Classification. Boasting 41 industrial divisions, 207 groups and 666 classes of products and services, it has built up a modern industrial system.