In 2007 China overtook Japan as Australia's largest trading partner. Australia has been selling raw materials to China as fast as it can dig them up and load them onto ships, generating jobs and revenue. More recently, demand from China has cushioned Australia from the worst effects of the global economic downturn. Just last week state-owned PetroChina signed up to buy around $41 billion of liquefied natural gas--the biggest resources deal in Australian history.
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