Australia to dump over-reliance on China as Canberra launches tough offensive against Beijing

Australia is set to adopt a tough new strategy to combat China after withstanding an ongoing campaign of 'economic coercion' over the past 18 months. The strategic economic pivot away from the increasingly belligerent and authoritarian nation also urges Australian firms to find new supply chains outside of China. Treasurer Josh Frydenberg outlined a new strategy to combat China after withstanding an ongoing campaign of economic coercion over the past 18 months The strategic economic pivot away from the increasingly belligerent and authoritarian nation also urges Australian firms to find new supply chains outside of China Value of Australian agriculture exports to China: Beef: $2.8billion or 25 per cent Wool: $1.9billion or 77 per cent Lamb: $1.2billion or 30 per cent Fruit and nuts: $1billion or 40 per cent Seafood: $770million or 58 per cent Dairy: $661million or 26 percent Cotton: $611million or 64 per cent Wheat: $568million or 15 percent Barley: $550million or 54 per cent Hides and skins: $420million or 85 per cent Oilseeds: $374million or 16 per cent Live animals: $356million or 16 per cent Sugar: $46million or 3 per cent Vegetables: $39million or 3 per cent Total: $12.6billion or 32 percent Source: RaboBank 'Going forward, businesses need to be aware that the world has changed and that this creates greater uncertainty and risk,' Mr Frydenberg said. The 'China-plus' strategy urges Australian businesses to diversify into new markets and become less reliant on the country's largest trading partner, China Scott Morrison and the Australian government are locked in trade feud with Chinese President Xi Jinping and his Communist Party administration Arbitrary bans and trade tariffs were imposed on billions of dollars worth of key Australian exports to China including barley, wine, beef, cotton, seafood, coal, cobber and timber 'We have faced increasing pressure to compromise on our core values. Beef exports to China are worth $2.8billion representing 25 per cent of all Australian overseas sales Customers buy meat at a market in Shenyang, in China's northeastern Liaoning province on August 10 with more than a third of Australian beef imports suspended to the nation in May The treasurer will also point out the parallels with the Soviet Union during the Cold War, but will add that in the modern world things are much more complicated because China is so heavily integrated into the global economy.