Australia boosts ties, eyes Chinese funding opportunities

Australia has cemented closer economic ties with China in a shift of policy that should open up new infrastructure projects and funding opportunities.

The national government in Canberra is hoping the Belt and Road Initiative will stimulate growth during a time when prospects for the global economy remain uncertain.

"While there is a downside risk looming over the global economy, there is also potential in other areas and regions," said Peter Jolly, global head of research at National Australia Bank. "The Belt and Road Initiative has upside potential for the global economy in the coming few years."