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Look to China, says Investec AM
Australia is well-positioned to emerge from the global financial crisis in better shape than most developed nations because of its close ties to China, according to Investec Asset Management's UK-based investment strategist, Michael Power.
Power has told Super Review that following a visit to China and other parts of Asia over the past several days, he is convinced that the global financial crisis has amounted to nothing more nor less than a bump in the road for these economies.
He said it was this fact that placed Australia in an enviable position as one of the few developed economies that can and is interacting with the major developing economies because of its resource wealth.
"Australia is in an enviable position because it is part of the old world order but is a member of the new world," Power said.
He said while there were some people who had not fully embraced this change, it was something that had been clearly recognised by those in the mining industry.
Power said notwithstanding the at-times tense relations that existed between Australia and China, the strength of the commercial and economic relationship remained strong and had been reflected most recently in the signing of the Gorgon natural gas deal.
AUTHOR
Mike Taylor
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