The New York Times today provides an excellent analysis of China’s growing role as an economic powerhouse, both regionally and globally. As the first of a series dealing with China’s rise and the geostrategic implications, Michael Wines writes a compelling piece discussing the prowess of 3 Chinese companies aiming to take a hold on $22 billion wroth of the Australian mining industry. As Chinese steel mills are hungry for raw materials, and as Australia is one of the world’s major producers of iron ore, it only makes sense that Chinese companies, such as the Aluminum Company of China (Chinalco) would vie to take ownership in Australian companies to guarantee more stable and lower prices. However, Australia has bristled, especially given the perceived pro-China government of Prime Minister Kevin Rudd. Read more here.
Photo Credit: New York Times.