In a speech to a Committee for the Economic Development of Australia function in Adelaide, Mr Stevens said the full ramifications of the continuing rise in the weight of China's economy and, eventually, its financial system in world affairs will be a long-term focus, noting that nearly 50 countries now have China as either their number 1 or 2 trading partner. "In short, the whole world is now more dependent on China than it was," he said.
However, he said the immediate focus in the near-term was the Chinese authorities' attempts to manage the desired slowing in credit growth and moderation in asset values. "Housing prices are falling in many Chinese cities at present," he said. "This is not unprecedented – it is the third time in the past decade this has occurred.
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