H. H. Kung vs Malcolm Fraser

H. H. Kung became Minister of Finance of the Republic of China. He implemented currency reform, including the nationalization of silver and the establishment of the fabi (legal tender) system, which stabilized China's economy during the war with Japan.

Kung negotiated an agreement with the United States to purchase Chinese silver, providing China with foreign exchange reserves to back its new currency. This helped stabilize the Chinese economy during the Second Sino-Japanese War.

Fraser was appointed caretaker prime minister by Governor-General Sir John Kerr after the dismissal of Gough Whitlam. He led the Liberal-National coalition to a landslide victory in the subsequent election, winning 91 of 127 seats.

Fraser's government took a strong stance against apartheid, supporting economic sanctions against South Africa and opposing sporting contacts. He played a key role in the Commonwealth's Gleneagles Agreement, which discouraged sporting ties with South Africa.

Fraser's government formally adopted a policy of multiculturalism, establishing the Australian Institute of Multicultural Affairs and funding ethnic community organizations. This marked a shift from the previous assimilationist approach to immigration.

Fraser's government significantly increased the intake of Vietnamese boat people, resettling over 70,000 refugees. This humanitarian response set a precedent for Australia's refugee program and diversified the nation's cultural makeup.

Fraser called a snap election in March 1983, but was defeated by Bob Hawke's Labor Party. The election ended Fraser's seven-year tenure as prime minister and marked the beginning of a long period of Labor government.