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The World’s Most China-Reliant Economy Reels

February 27, 2020
The World’s Most China-Reliant Economy Reels

The coronavirus hit has exposed the extraordinary depth of Australia’s economic dependence on China and fueled questions over whether the nation is too reliant on the Asian behemoth.

That dependence is on display in the Western Australian coastal town of Geraldton, where an ocean “dragon” fires the incomes of local fishermen. The Longxia, literally dragon shrimp in Mandarin, is prized at celebrations in China for its rich red color, horns and spine that remind Chinese of the mythical creature. The coronavirus shutdown on the eve of Lunar New Year means Geraldton’s fishing fleet is stuck at port during this traditionally bountiful period.

Read more…. (subscription to Bloomberg required).

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