Australia 'Beware' Of China's Economy

<p>&nbsp;As a country that is heavily dependent on China's economy, Australia expressed concern over the signs of weakness displayed by the world's second giant economy.</p><p><br /></p><p>Australian Finance Minister, Jim Chalmers said that the government is now closely monitoring the economic situation in China which is feared to affect his country.</p><p><br /></p><p>He said, growth in this country will be weaker due to China's slowdown and Australia's high interest rates.</p><p><br /></p><p>The Reserve Bank of Australia (RBA) kept rates unchanged in August for the second consecutive month after raising them for 16 months to curb inflation.</p><p><br /></p><p><br /></p><p>China's economy has shown continued weakness in recent months and that could have clear implications for Australia.</p><p><br /></p><p>The country's recovery has been stalled by a deepening crisis in the real estate sector, weak consumer spending and slumping credit growth.</p><p><br /></p><p>Like Malaysia, Beijing is a major trading partner for Australian raw materials exporters, with annual trade of US$285 billion.</p>