2022 Year in Review
The Year in Review is YDS’ biggest and most exciting publication of the year - featuring analysis that covers the most significant and impactful events that have shaped our world.
The 2022 Year in Review explores key events in all regions, from the overturning of Roe v Wade, the war in Ukraine, and the UK leadership crisis, this year’s edition is not one to miss!
Read it now !
The Year in Review is YDS’ biggest and most exciting publication of the year - featuring analysis that covers the most significant and impactful events that have shaped our world.
The 2022 Year in Review explores key events in all regions, from the overturning of Roe v Wade, the war in Ukraine, and the UK leadership crisis, this year’s edition is not one to miss!
Read it now !
Wang HuningWang Huning’s promotion from the fifth to the fourth highest-ranking officialmanifests Xi’s vision to carve out his political ideology in China’s historybooks. Wang is a political theorist who has helped shape the past threepresident’s ideologies from behind the scenes. Notably within Xi’sadministration, he has helped craft national concepts such as ‘The ChineseDream’, the Belt and Road Initiative, and ‘Xi Jinping Thought’. With Wang likelyto assume the role of Chairman of the People’s Political ConsultativeConference, he will lead the interface between the CCP and the non-Partyelements of Chinese society, and even the Chinese diaspora in countries suchas Canada and Australia. With the promotion into this new role and hisextensive background in shaping strategic party ideologies, he will be in avery influential position to extend the party’s policies beyond the domesticpolitical context.WHAT DOES THIS MEAN FORAUSTRALIA?For Australians, the announcements made in the 20thParty Congress will pose no significant changes in theshort term. However, Australia’s economic performance isclosely linked with China’s. The strategic andleadership adjustments may cast light on what toexpect for our economic relationship with Chinain the coming years.P H O T O : T I N G S H UW A N G / R E U T E R SP A G E 1 6One example is the Dual Circulation Economy, whichintends to promote internal economic growth. One way theParty plans to stimulate the economy is through a top-downapproach by spending money on infrastructure such ashigh speed railways, bridges, and other big public works,which would inevitably require raw materials such asAustralia’s iron ore. This is showcased by the top threeChinese imports in September 2020; iron and steel(55.8 per cent), paper (34.8 per cent), and non-ferrousmetals (33.1 per cent).
However, with the falling trend of property developments as a result of theproperty crisis and China’s urbanisation, reduced demand for iron ore is anequally viable outcome given property construction accounts for roughly 35per cent of China's total steel consumption. Australia is therefore susceptibleto any easing in growth; China accounted for around 40 per cent of Australia’sresource exports (as of 2018/19). As a result, China’s property sector will beimportant to watch over the next few years.Another part of the Dual Circulation Economy is its ability to be ‘selfsufficient’,which - when coupled with China’s ‘green transformation’ - wouldsee a gradual phase-out of Australian resources such as coal and oil. Australiawill therefore need to invest in exporting ‘green metals’ such as lithium,nickel, and cobalt to mitigate the falling demand for fossil fuels.FINAL THOUGHTSOverall, China’s 20th Party Congress provided a potential prelude to greatchanges in Chinese domestic and foreign policy through both its ‘official’rhetoric - common prosperity, green transformation, and the dual circulationeconomy - and unofficial - leadership changes and the reemergence ofideology. Such strategic and leadership changes pose concerns for Australia’sfuture economic performance. The broader significance of China’s 20th PartyCongress, therefore, is that Australia cannot sit idly by as the mutuallybeneficial economic relationship evolves from the existing status quo.P A G E 1 7
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- Page 22 and 23: P A G E 1 2Calvin Lu and Patrick He
- Page 24 and 25: Common ProsperityThe concept of ‘
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- Page 34 and 35: shied away from angering China by s
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- Page 38 and 39: ABE’S FAMILY INFLUENCETwo synonym
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- Page 44 and 45: led calls for an investigation into
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However, with the falling trend of property developments as a result of the
property crisis and China’s urbanisation, reduced demand for iron ore is an
equally viable outcome given property construction accounts for roughly 35
per cent of China's total steel consumption. Australia is therefore susceptible
to any easing in growth; China accounted for around 40 per cent of Australia’s
resource exports (as of 2018/19). As a result, China’s property sector will be
important to watch over the next few years.
Another part of the Dual Circulation Economy is its ability to be ‘selfsufficient’,
which - when coupled with China’s ‘green transformation’ - would
see a gradual phase-out of Australian resources such as coal and oil. Australia
will therefore need to invest in exporting ‘green metals’ such as lithium,
nickel, and cobalt to mitigate the falling demand for fossil fuels.
FINAL THOUGHTS
Overall, China’s 20th Party Congress provided a potential prelude to great
changes in Chinese domestic and foreign policy through both its ‘official’
rhetoric - common prosperity, green transformation, and the dual circulation
economy - and unofficial - leadership changes and the reemergence of
ideology. Such strategic and leadership changes pose concerns for Australia’s
future economic performance. The broader significance of China’s 20th Party
Congress, therefore, is that Australia cannot sit idly by as the mutually
beneficial economic relationship evolves from the existing status quo.
P A G E 1 7
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