From The Australian (Iink):
The Howard Government has been in the fortunate position of riding the great China boom. The China boom has made it easier during the past decade for policymakers in Australia to pat themselves on the back about what a great job they have done in managing the economy: delivering budget surpluses, low inflation, interest rates and unemployment. China’s years of 10 per cent-plus annual economic growth and its fast-paced integration with the rest of the world (accelerated by its World Trade Organisation membership in 2001) have been a big force for change in the world economy during John Howard’s term in office.
But there is no room for a cargo-cult mentality that the China boom will continue to underpin our economic prosperity.
