ANALYSIS: Why iron ore has been out of bounds in China's trade war with Australia — for now
Iron fist, no velvet gloveWhile Beijing was incensed by the Morrison Government's support for an investigation into the origins of the COVID-19 pandemic, the origins of the dispute extend back a decade.Since then, we've been regularly snubbed at the annual Chinese gabfest at Hainan — the Boao Forum, China's answer to the Davos shindig in Switzerland.
Before it could be consummated, BHP waded in with an iron ore merger proposal that had no chance of getting across the line with competition regulators in Europe or the US.Whatever went on behind the scenes, Beijing clearly suspected Canberra played a hand in scuppering the transaction. Since then, every time it has attempted to ratchet back the stimulus, growth has tanked and it's been forced to resume building infrastructure.
Even before the COVID-19 crisis caused the economy to contract , growth was shrinking as its trade war with the United States began to exact a toll and sluggish productivity growth weighed on the economy.
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