Sino-Australian relations to attain a yet higher goal

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Last updated at: (Beijing Time) Wednesday, October 22, 2003

Sino-Australian relations to attain a yet higher goal

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Prior to Chinese President Hu Jintao's state visit to Australia, reporter with People's Daily interviewed some personages in Australian economic and political circles on Sino-Australian economic and trade relations. Among the interviewees is Warwick Smith, executive director of Macquarie Bank, Australia's largest investment bank and national president of the Australia-China Chamber of Commerce and Industry (ACCCI). The interviewed popularly held that President Hu's visit to Australia will boost Sino-Australian economic and trade relations to a new height.

Mr. Smith felt very pleased about the President Hu's upcoming visit to Australia. He said President Hu's visit is a wonderful opportunity for bettering the mutual understandings between Australia and China as well as a positive signal of a further development of the relations between the two countries. Mr. Smith, ever been a member of the Parliament for 15 years and former Sports Minister, said as a successful banker: "I haven't been to the Parliament House for five years. But this time, since President Hu will give a speech at the two Houses, I will go to hear President Hu's speech, his extensive and in-depth views on the development of the relations of the two countries." Mr. Smith added that President Hu's visit would have a special significance for the economic and trade development of the two countries. As president of Australia-China Chamber of Commerce and Industry (ACCCI), he said that Australia-China economic and trade relations are developing rapidly in various fields. The mutual visits of high-level leaders of the two countries are just the impetus for the rapid development.

Australia-China Chamber of Commerce and Industry (ACCCI) is a permanent institution for the economy and trade of the two countries, with over 500 enterprises keen on Australia-China economy and trade as members. In the past twenty years, ACCCI has performed actively and made outstanding achievements in promoting Australia-China economy and trade relations. Australia and China's economy have their own characteristics and can be complementary to each other. Apart from trade, the two countries are stepping up their exchanges in education and tourism. Most of the overseas students in Australia are from China and the number of Australian visitors to China is also increasing by leaps and bounds. Mr. Smith said: "Australia has successfully hosted the 2000 Olympic Games and China will be the host in 2008. We have provided Beijing with consulting services in many aspects such as capital, communications and knowledge. With Olympic Games as an opportunity, the relations of the two countries will see a further progress."

In recent years, Sino-Australian economic and trade relations are developing rapidly and have stepped onto a new stage as the best period in history. From the year 1991 to 1999, the trade value between the two countries saw an annual average growth of 17 percent. In 2002, bilateral trade value exceeded 10 billion US dollars. Currently, China is the third large trade partner of Australia while Australia the ninth China. China's export to Australia has not only increased in quantity but also varied in terms of the commodity composites. Finished products have taken up over 80 percent of China's exports to Australia. Aside from traditional products such as textile, costumes and light industrial products, mechanical, chemical industrial products, household electrical appliances, and communication equipment are taking up higher proportions year by year. In 2002, the export volume of mechanical and electrical products exceeded that of costume and textile, topping in China's exports to Australia. Meanwhile, exports of high and new technological products have made a big headway. The combined mobile container inspection system manufactured by Tsinghua Tong Fang Wei Shi Company has been put into use in Sydney, Melborne and Brisban, Australia's three major ports, symbolizing a great breakthrough of China's exports of high and new technological products to Australia. China's import from Australia has also witnessed a stride forward, totaling 5.85 billion US dollars in 2002. Mineral and agricultural produce and sidelines take up 61 percent of the total value of China's import from Australia. Last year, China and Australia signed an agreement for Australia to export liquified natural gas to China, worth of 25 billion Australian dollars, which is a milestone in Sino-Australian economic and trade relations.

According to China's Embassy in Australia, Australia has also constantly expanded its export of architectural design to China. Recently, Australian companies have won one after another design contracts on facility projects of Beijing 2008 Olympic Games, including the well-known "Water Cube" swimming stadium. The other day, Beijing Organizing Committee for the 2008 Olympic Games (BOCOG) and Telstra reached an agreement for Telstra to be employed by Beijing Organizing Committee for the 2008 Olympic Games (BOCOG) as telecommunication consultant for Beijing 2008 Olympic Games. Till June 2003, the contractual value of Australia's investment in China totaled 8.745 billion US dollars with an actual investment of 3.167 billion US dollars in 5,614 projects. Australia is also an important destination of China's investment. According to incomplete statistics, in recent years, China's investment to Australia has exceeded 1 billion US dollars in the fields like real estate development, transportation, import and export, tourism, minerals, pesticide composition, and exploitation of natural gas.

During President Hu Jintao's visit to Australia, China and Australia governments will sign a batch of agreements on economic cooperation. Media hold that President Hu's visit will undoubtedly, greatly boost Sino-Australian economic and trade relations to a level for constant and in-depth development.

By PD Online staff Gao Lanrong

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