Politics

Australia announced big amount for defence in its federal budget which was read on Tuesday, reacting to which China threatened Australia to bring 'economic carnage'.has threatened to bring upon Australia in response to big defence spending announced in Tuesday's federal budget.The government outlined a huge boost for the defence force, more funding for spies and help for exporters to find new markets in a massive push back against an increasingly assertive Beijing.In response, Chinese newspaper the Global Times - a mouthpiece for the Communist Party government - has warned that Beijing will block more Australian exports after already banning a range of goods including barley, wine, beef and coal.In an article titled 'Canberra's defence spending means more economic carnage', the publicatio...

Beijing, China: China might cut down its steel demand in coming day as the tension increases between the Australia.According to the South China Morning Post (SCMP), China's state-dominated steel sector is concerned about surging prices, urging the government to help with market "malfunctions" and improve policies in the futures market.China imports over 50 per cent of its iron ore from Australia, and consumes more iron ore than any other nation. "The problem with high iron ore prices is that money is leaving the steel-producing countries and ending up with the iron ore producers and the governments of countries that produce the iron ore," Erik Hedborg, senior analyst at commodities firm CRU."Longer-term, one problem with high iron ore prices that feed into the price of steel is potential ...

Beijing, China: Foreign ministers of the Group of Seven (G7) countries that criticised Beijing's increasing presence in the East and South China seas. It responded them very sharply against the joint communique.China's Foreign Ministry spokesperson Wang Wenbin strongly condemned the outcome of the G7 meeting in London, reported NHK World.In a joint statement released on Wednesday in London, representatives from the G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, had condemned Chinese actions in East and South China seas.Wang denounced the G7 nations in a news conference, saying their move is an interference in China's sovereignty and runs counter to the current trend of peaceful development and cooperation.Wang also reiterated China's st...