Full article at ZeroHedge (link)
…Dupont called on Australia to examine vulnerabilities in its supply chains, saying: “In my view, our dependence on China for a range of critical technologies and goods has become a major security liability and must be reversed.”
Since April, Australia has been locked into a Beijing-instigated trade dispute, which has seen the Chinese Communist Party (CCP) impose 80 percent tariffs on Australian barley imports, ban beef imports from four abattoirs, and advise local Chinese power plants not to buy Australian coal.
Australian politicians have also called for greater decoupling and less reliance on the China market.
According to Dupont’s submission (pdf) to the inquiry, Beijing has already been implementing a form of decoupling.
The submission noted:
“China has practised a form of decoupling for many years, by carefully avoiding dependencies, creating protective trade barriers, and positioning itself to control strategic areas of the economy—from rare earths and pharmaceuticals to advanced manufacturing.”
Further, Dupont told the committee the CCP hasn’t received “enough pushback” in response to its actions, effectively allowing it to continue unabated.
He called for Australia, in the meantime, to look seriously at its own vulnerabilities and examine how they can be rectified quickly in the short and long term.
“It’s going to require significant investment. It means that we will lose certain efficiencies, and we’re going to have to trade off loss of efficiency for the resilience that we’re going to get,” Dupont said.