| Description |
1 online resource (streaming video file) (27 min. 48 sec.) ; 168188692 bytes |
| Summary |
Australia has apparently got through the global financial crisis remarkably unscathed compared to the rest of the world - for now. In large part, that's for reasons that have less to do with economic management than the bounties of nature. Australia is China's quarry, and as that nation industrialises at a cracking pace, our raw materials have ensured the money and the good times keep on flowing.But what happens if China sneezes? Australia will catch more than a cold.China correspondent Stephen McDonell set out on a journey through China to try to find out just how sustainable the country's incredible growth - more than 10 percent every year - really is."They consume the lowest share of GDP ever recorded. It's not at all practical - it's not logical and it's not sustainable." Professor Michael Petttis.Along the way McDonell visits shipyards, prestige real estate developments and an incredible "ghost city" - a whole town in Inner Mongolia built from scratch, complete with theatre, museum and library, and row after row of apartment blocks - almost all of them empty.It's a concrete example of the way the Chinese economy works - from the top down. State owned banks provide loans to more state owned companies who build and develop, paying taxes to local authorities - possibly where no demand actually exists. "This place is either a bold piece of planning for the future which is yet to reach fruition... or a very large white elephant." - China correspondent, Stephen McDonell, talking about the ghost city of Kang Ba Shi.Chinese authorities believe if they build it, people will come. But Professor Michael Pettis, a former Wall St banker who now teaches at China's most prestigious university, says the country is far too reliant on foreign consumption. That's a problem when both Europe and the US are in the financial doldrums - and a danger for Australia.There is a solution though, as McDonell discovers, and it's found within China itself |
| Notes |
Closed captioning in English |
| Event |
Broadcast 2010-05-18 at 20:00:00 |
| Notes |
Classification: NC |
| Subject |
Business enterprises -- Finance.
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Crisis management in government.
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Financial crises -- Social aspects.
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Gross domestic product.
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Real estate investment.
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Sustainable development -- Evaluation.
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Australia.
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China.
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| Form |
Streaming video
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| Author |
Corcoran, Mark, host
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De Fang, Fang, contributor
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De, Wo Jue, contributor
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Gang, Yang Xiao, contributor
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Ji, Jing, contributor
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Kishi, Michiho, contributor
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Ling, Shi You, contributor
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McDonell, Stephen, reporter
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Pettis, Michael, contributor
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Sheng, Zhao Guang, contributor
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Ying, Tao, contributor
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