But against all the odds, Australia was one of the few advanced nations to avoid a recession and a housing price crash.
In one version, the economy boomed as construction and manufacturing reached new heights thanks to global and domestic stimulus flowing through the Chinese economy. During the global financial crisis this was done to great effect, with China enjoying explosive economic growth for years following the deployment of large construction-driven stimulus programs.
For example, Beijing outlawed for-profit school tutoring, ostensibly to improve school-life balance for families. While that is certainly part of the explanation, another key factor was the drain that the cost of tutoring imposes on household budgets, particularly those of middle and lower class households.
As the carefully papered over cracks in Chinese society continue to be exposed, the President is striking an increasingly aggressive tone on issues of inequality and the distribution of wealth.
Look, isn't it wonderful news that China is doing what a lot of Aussies have been calling for, I. E decoupling Chinese economy from that of Australia. There should be celebration among the anti China anti CCP mob. Now if only we can sell our beef to India & wine to Indonesia...