Australia - An Advanced Economy that Benefits Enormously from China's Growth

Australia, which sends around a quarter of its exports to China, has managed to avoid a significant slowdown during the recent global financial crisis. Australia's rich resource sector, and the insatiable demand for those resources from China, India and the rest of Asia, prevented the country from falling into a recession.

Australia's July 2010 Unemployment Rate: 5.2 %
US August 2010 Unemployment Rate: 9.6%

While US Federal Funds Rate Target has been kept at 0 - 0.25% (since Dec 2008), Australian rates are now at 4.5%.

Data Source: Reserve Bank of Australia

Businessweek has an interesting cover story on Australia's growing dependence on China
http://www.businessweek.com/print/magazine/content/10_37/b4194044972388.htm