By Peter Boyle
Action in Solidarity with Asia and the Pacific (ASAP) -- As the US, Japan and Europe slide into recession, the leaders of many smaller countries are desperately hoping that continued strong growth in the Chinese economy, which has contributed about 15 per cent of world economic growth in recent years, might save them from this meltdown.
There's hope and then there's hard facts. Recently the latter has replaced those desperate hopes with terror. A measure of this was the November 4 decision of Australia's Reserve Bank to make a bigger than expected interest rate cut. Any temptation by holders of large mortgages and other debts in Australia to reach for the champagne was killed by the realisation that this decision, in the words of one business correspondent, "was a recognition by Australia's top policymakers that the Chinese economy is no longer providing a firewall to insulate the Australian economy from the international crisis".