Trade And Investment Make A Difference To Australia-china Relation

The Australian and Chinese economies are strongly complementary

. As a result, our trade and investment relationship is substantial and has developed well beyond its modest beginnings in the 1970s. According to Australian statistics, two-way merchandise trade has grown from A$113 million in 1973, just after the establishment of diplomatic relations, to A$78.2 billion in 2009. China is Australia"s largest trading partner, with total trade (goods and services) in 2009 valued at A$85.1 billion, an increase of 15.1 per cent over the previous year.

Australia-China two-way investment has lagged behind the trade relationship, but is growing. At the end of 2008 (most recent data available), total Australian investment in China reached $6.9 billion, making China our 14th largest investment destination. Australian financial institutions have a number of investments in Chinese banks and there is interest in the mining sector. More opportunities for Australian investment will open up as China"s services sector expands.

Chinese investment interest in Australia, particularly in the resources sector, continues to increase rapidly. Since November 2007, the Government has approved over 160 proposals for Chinese investment in Australian business and total investment of around A$60 billion (at 25 May 2010). Only five involved conditions, undertakings or amendments. The Australian Government welcomes further investment into Australia from Chinese enterprises, subject to approval by the Foreign Investment Review Board.

The Australian Government is taking forward a major new "sector by sector and province by province" trade initiative with China. We are working with provincial governments in China to create the government-to-government frameworks through which Australian companies will be better placed to secure business opportunities. The geographic focus is on China"s rapidly growing inland provinces, targeting sectors where there is a natural trade, investment and innovation fit with Australian industries. In July 2009, Australian Trade Minister Mr. Simon Crean visited Shanghai, Zhejiang, Anhui and Hubei with Senator Carr to promote Australian auto capabilities and exports. Australia and China agreed to establish Frameworks for Cooperation with Anhui and Hubei provinces, with a focus on autos, clean energy and other sectors that present strategic opportunities. The Framework for Cooperation with Hubei was signed in December 2009.

During Mr. Crean"s visit to China from 15 to 21 May 2010, he met central and provincial government leaders in Beijing, Tianjin, Shandong and Shanghai to discuss opportunities to deepen and diversify our bilateral economic relationship with China. On 20 May, Mr. Crean witnessed the signing of a framework agreement with Anhui province with an emphasis on cooperation in the auto sector.

The prospects for future for further growth in the breadth and depth of the commercial relationship are excellent. The economic complementarities underpinning rapid growth in trade over the past decade are likely to continue. Importantly, government cooperation on trade issues has grown with the increasing integration of our economies. Australia is working closely with China to conclude the WTO Doha Development Agenda. We will continue to cooperate closely on trade and investment facilitation through the G20, APEC and other regional forums. Moreover, reaching agreement on a comprehensive high-quality Free Trade Agreement will offer the greatest potential to take the economic relationship to a new level across merchandise trade, services, and investment. With its high quality products such as hammer crusher, Raymond mill, Hongxing Machinery has ascended in the front rank of the world in the exporting of mining equipment.

by: baobaiguai25

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