A new era of cooperation with China: IMF

The International Monetary Fund has unveiled new measures to boost trade and investment between Australia and China in the wake of the North Korean nuclear crisis.

Key points:The new framework will also include more than 1,000 projects in North and South KoreaA new round of trade talks will be held between the two countries on the sidelines of the APEC summit in VietnamMr Abbott said it was important to work with the Chinese on “our shared interests and challenges”Mr Abbott is set to visit China next week as part of the economic agenda, ahead of his first trip as Prime Minister.

The new plan is designed to promote greater cooperation between the world’s largest economies, including the development of Australia’s manufacturing sector.

“Australia and China will be able to work together to build the economies of the future that are needed for prosperity in the 21st century,” the finance minister said.

“In our relationship with China, we will build on our shared values of cooperation, openness and cooperation to help Australians meet their challenges.”

The new policy is designed with the aid of the IMF and the World Bank, which both have programs to boost investment and support the Australian economy.

“We recognise that we are the only developed economy that can make an enormous difference in the lives of ordinary Australians,” Mr Abbott said.

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