Aussie Treasurer encouraged by Chinese rebound

Updated: 2013-02-22 14:12


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SYDNEY -- Australia's Treasurer Wayne Swan has backed the Chinese economy to continue its strong growth with a confident assessment of the influential role China continues to play in Australia's resource-rich economy.

Speaking outside a breakfast briefing with Australia's leading economists in Sydney, Swan told Xinhua that concerns of a Chinese slowdown in Australia were misplaced.

"Well there was a lot of debate about China in the last year, much of it inaccurate. China's economy has stabilized and is growing relatively well."With Australia's two-speed economy pinned closely to the currents of the Chinese rebound, resources and mining companies here have been buoyed by commodity prices indicative of China's refreshed demand.

Swan told Xinhua, that looking forward, China's economy was providing stability in uncertain times.

"I expect that to continue and that is one of the better stories in the global economy there's still a lot of uncertainty around the global economy, but the Chinese economy is one story that is very encouraging." He said.

Swan has been committed to investing the dividends of the Chinese-inspired mining boom throughout the wider Australian economy - from jobs, infrastructure, national savings and sustainable economic growth.

Mr Swan was named Finance Minister of the Year in 2011 by Euromoney Magazine, which noted "his careful stewardship of Australia's finance and economic performance both during and since the global financial crisis" and that "Australia's position within the global financial community has never been stronger than it is today."