Author

Nigel Lake & Cassandra Kelly

Title

The Dragon’s Best Friend: Unleashing the potential for growth.

Synopsis

Fifteen years on from the Asian crisis, the contrast between the fortunes of East and West is stark. Europe’s economies continue to be plagued by high unemployment, with youth unemployment in some regions now exceeding 50%. Meanwhile, previously stable countries have been forced to face the possibility of economic collapse, as the effects of the global financial crisis continue to be felt five years after its beginnings. The result: the lowest growth experienced in many years and continued uncertainty. In contrast, the Asian region continues to grow powerfully. China’s economy has expanded by more than 300% over the last decade. Even Australia’s economy has grown by some 30% over that time, reflecting the benefits of exposure to both China and India, and both economies have moved up the world rankings. Looking forward, Australia has the potential for sustained growth if it can continue to harness the opportunities that China offers. A key to unlocking the potential will be for both countries to understand clearly each other’s cultures and each other’s needs to figure out where the most attractive areas of mutual opportunity lie.