China Boom Falters as Steel Softens

After the chairman of China’s leading steel manufacturer expressed doubt about the growth of the industry in China’s current economic situation, Australia lost hope that China would save it from the global economic crisis. From The Age:

The comments by Baosteel chairman Xu Lejiang coincide with evidence that a contraction in Chinese building construction is seriously crimping demand for key Australian commodities, like iron ore.

[…] China has recently emerged as the key engine of the global economy after seven years of uninterrupted, accelerating growth.

Australia has been a particular beneficiary because of the resource-intensive nature of China’s urbanisation and industrialisation.

But this year’s severe credit rationing by the Chinese Government, which has helped quell an inflation breakout, has coincided with the worsening global financial crisis to smash the confidence of Chinese real estate investors and the building plans of residential construction companies.

Read more about China’s hunger for Australian resources, in better economic times, via CDT.

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