China is booming: Australian trade minister

China is booming right across its regions, says Trade Minister Simon Crean Wednesday.

Talking with local media, Crean says a booming China makes optimistic growth forecasts for the Australian economy realistic.

Treasury forecasts, contained in the May 12 federal budget, predict the Australian economy will grow by 4.5 percent from 2012.

China's strong growth and Australian government spending justified the predictions, Crean said. 

There are a couple of contributors to the 4.5 percent and China is one of them, he said, the other is the significant injection the government has put into infrastructure.

Enormous infrastructure spending in Shanghai would push up demand for steel and Australian construction expertise.

China is growing really strongly and Australia's future is very much tied to it, said Crean adding that Australian trade had been growing strongly despite the global financial downturn.
 

Source: Chinadaily