A delegation from Australia led by the country's trade and investment minister toured China from April 11 – 15 as part of the business promotion campaign Australia Week in China 2016.
The 1000-strong consortium comprised of government officials, senior company executives and delegates from various industry associations. The attendees represented fields of agriculture, educational service, financial service, health care and elderly care, food and beverage, commercial product, scientific research and innovation, sustainable urban management and water source conservancy, and tourism.
The delegation participated in 150 trade and investment symposiums, business matching events, field trips, and product exhibitions in 12 Chinese cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Hong Kong, Hangzhou, Shenyang, Xiamen, and Suzhou.
The events were tailor-made for participants, to allow them to engage in conclusive talks and further cooperation.
Michael Clifton, deputy consul-general of Australia in Shanghai said that he expected more partnerships to be established through Australia Week in China and count on Australian companies to contribute more to China's economic prosperity in the future through cooperation with Chinese partners.
Australia recently became China's seventh largest trade partner. In the fiscal year of 2014-2015, the bilateral trade volume surpassed AUD$138.6 billion, while China's direct investment in Australia reached AUD$30 billion.
Now let's have a look at what makes the bilateral cooperation plausible in specific fields, or in another words, what the two countries have to offer for each other in terms of individual industries.
Science, technology and innovation
The two countries have been working side by side in the last 40 years to increase progress in science and technology. They also have a shared interest in technology-based industrial innovation.
The Australian government invested heavily in scientific research and development. In the fiscal year of 2014 – 2015, the investment reached AUD$9.7 billion ($7.6 billion). A further AUD$1.1 billion of investment was announced at the end of 2015 to promote a national scientific program.
On the other hand, China's ambition in science and technological progress was detailed in its 13th Five-Year Plan. The country encourages domestic companies to retain sustainable development through scientific and technological innovations.
Education
Chinese students have become the largest client group seeking educational services from Australian educational institutions in recent years.
The number of registered Chinese students in Australia exceeded 170,000 in 2015, accounting for 26 percent of the total international students registered, according to international student registry data released in March.
During Australia Week, an international education delegation learned about China's education demands for services including vocational training and interactive curriculum offered online, which happen to be a particular strength of the Australian education sector.
Banking and financial service
As the Chinese Yuan looks to become an international reserve currency, the country's regulators are trying out measures that will eventually lead to interest rates gaining market-regulated status. More privately-owned banks are expected to be opened in the country in coming years.
Australian financial service providers permitted to operate in China as a result of the China Australia Free Trade Agreement (effective as of Dec 20, 2015) are seeking Chinese partners to take experimental steps in China's financial system as it undergoes transformations.
Australian delegates from the financial service sector visited China's two leading financial hubs, Shanghai and Hong Kong, to learn about China’s reform progress in the sector. They obtained knowledge on wealth management development, pension system, and preferences among Chinese investors by participating in a set of symposiums and workshops.
Consumer services
Spending among the growing middle-class in China is on the rise, becoming a new driver of economic growth and furthering the process of urbanization.
Australian companies are expected to meet the growing demands for organic food and beverages, commercial products, health care and elderly care services, and management expertise in urban development on the Chinese market in the coming years.
The industry delegates learned valuable information during the China trip and are willing to share their experience in the areas with Chinese partners.
Tourism
Australia's rich maritime legacy and relaxing coastal dwellings were introduced to Chinese participants by the country's tourism industry delegates, as part of Australia's global promotional campaign for the country’s tourism products and services.
More than 1 million Chinese tourists visited Australia in 2015 and spent AUD$7.7 billion, a new record.
China announced and implemented on May 15 a policy allowing visa-free entry of foreign tourist groups aboard cruise ships via all cruise ship ports along the country's coastline.
China and Georgia are set to waive visa requirements for travelers starting May 28.
