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Australia's And China's Trade Relations Essay

1045 words - 4 pages

Australia and ChinaThe changes in both our countries provide a very sound basis for Australia's rapidly expanding economic relationship with ChinaAustralian exports to China have grown 21 per cent for each of the past four years and there has been a dramatic change in the composition of these exports in the last decade:China is now Australia's number one wool marketAustralian minerals exports to China continue to grow, reflecting China's robust demand for raw materialsand exports of Elaborately Transformed Manufactures (ETMs) have increased fourfold since 1990.Increasingly, Australia is engaging in China's economic dynamism. That engagement is rapidly spreading from the three key cities - Guangzhou, Shanghai and Beijing - to encompass emerging markets in other provinces. Australian companies are actively responding to this challenge and our task here at this Forum is to accelerate that engagement.Austrade has opened local offices in Hangzhou, Nanjing, Xiamen, and Dalian to assist in this process outside of the three key cities.In terms of Chinese investment in Australia, there are more than 150 Chinese investment projects in Australia worth in excess of A$ 600 million. After Hong Kong, Australia has attracted more Chinese direct investment than any other overseas market, with about half being the investments in Mt Channar iron ore mine and CITIC's share of the Portland Aluminium smelter and investment in the Metro Meats Abattoir project in AdelaideBut actual investment in Australia will be much higher with over 100 Chinese corporations and organisations having representative offices and branches in Australia, and this number is increasing rapidly with substantial investment in a wide range of sectors such as food processing, general trading, wool and leather processing, and textiles.Australia's investment in China is also expanding, covering a wide range of manufacturing activities and a rapidly growing services sector.Around A$860 million has already been invested, much of it over the past three years, and at least $A2.5 billion - and probably more - is currently under negotiation, and the profile of Australian companies going to China is also increasingly more diverse.The China market is emerging as an outstanding opportunity for Australian investors in the services sector. Our economies strongly complement each other in this sector and some excellent projects are coming on line. For example:the ANZ Bank has representative offices in Beijing and Guangzhou and a full branch here in ShanghaiAustralian legal and accounting firms have representation in Chinatwo Australian insurance companies are active hereas are Australian architects, textile designers, interior decorators, engineering consultants, property services and stock brokers.Australia has been actively seeking opportunities in China. There are areas such as insurance, legal services and banking where we are actively urging China to open up the necessary market access in general, and...

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