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China's reform is vital to the prosperity of global economy, says ACBC president

By  Tingting Yan (People's Daily Online)    11:02, October 19, 2017

 

John Brumby, president of Australian China Business Council (ACBC)

SYDNEY, Oct. 19 --The Communist Party of China (CPC) opened the 19th National Congress at the Great Hall of the People in Beijing, capital of China, on October 18, 2017. John Brumby, national president of Australian China Business Council (ACBC) and the former Premier of Victoria, accepted an interview with People’s Daily Online, Australia. Mr. Brumby said that China’s ongoing reform is vital to the stability and prosperity of the global economy.

 China is the global leader in promoting free trade

 Mr. Brumby said that as the US withdraws from the Trans Pacific Partnership (TPP), protectionism continues to rise around the world. As a result, China is playing a global leadership role through advocating free trade, multilateralism, and globalization. The Regional Comprehensive Economic Partnership (RCEP) is one particularly positive development and it has great potential to increase free trade across the Asia-Pacific region.

 Mr. Brumby emphasized that President Xi Jinping’s speech at the World Economic Forum in Davos this year “was a strong defense of the important of globalization and free trade.”

 Mr. Brumby argues that the global economy is more interconnected than ever before, and pointed out that China has become Australia's largest trading partner.

 “For this reason, China’s economic stability, and its continued willingness to open up, is crucial to future global stability and prosperity,” Mr. Brumby said.

 Australian companies eager to participate in the Belt and Road Initiative

 Even though the Australian Government has been slow to embrace the notion of the Belt and Road Initiative (BRI), Australian businesses have been eager to embrace it.

 Australian companies have years of experience in major infrastructure development and Brumby believes they can make a crucial contribution to this global infrastructure project.

 With China’s economy shifting to consumption-led growth, China’s middle class is evidently growing.

 “We also look forward to further improving investment protocols between our countries, and to increasing investment in both directions” Mr. Brumby said.

The 45th anniversary of the establishment of diplomatic relations between China and Australia means great potential for bilateral relations

 This year marks the 45th anniversary of the establishment of diplomatic relations between China and Australia.

 In regards to future prospects for Australia-China relations, Mr. Brumby said that the Australia-China relationship goes much deeper than just investment and trade. Currently, Australia has over one million citizens with Chinese ancestry, over 160,000 Chinese nationals attending Australian universities, and over one million Chinese tourists visiting each year.

China aims to built a moderately prosperous society in all respects by 2020. Mr. Brumby believes that such efforts should focus on quality of life, tackling health and environmental challenges, and building livable cities and communities.

 “Finally, after ten years of negotiations, Australia is very proud that the China-Australia Free Trade Agreement (ChAFTA) was signed in 2015.” Mr. Brumby said that this has already had a large impact, with “almost 95% of the goods traded between China and Australia being tariff-free.” 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Wu Chengliang, Bianji)

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