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Work Together to Build I P A in China-Australia Business Relations

Speech by HE Mr Chen Yuming
Ambassador of the People's Republic of China to Australia
At the Dinner Hosted by the Institute of Public Accountants

26 July 2011

Mr Andrew Conway, IPA Chief Executive Officer,
Mr Christine Leetham, President of IPA,
Ladies and Gentlemen,

Good evening.

It is a great pleasure for me to join you at the IPA dinner today.

IPA is a well-known professional accounting organization in Australia, and its members are well recognized for their professional skills and global and strategic perspectives. As far as I know, they also take a keen interest in China as they seek to develop business with China.

I believe in dealing with China correct understanding of the country is of fundamental importance. And you can do that if you could grasp the essence of the following three key words:

First, "peace". China is committed to the strategy of peaceful development. It is a peace-loving nation in both history and culture. It advocates benevolence and good-neighbourly relations, and never seeks overseas expansion or hegemony, not even in its prime time when China's GDP took up one third of the world's total.

The development China enjoys today has come through the hard work of the Chinese people and the friendly exchanges and mutually beneficial cooperation it has with other nations.

China has made relentless effort to foster a peaceful environment for its development. In turn, it has contributed to the maintenance of world peace through its development.

Second, "development". China is a developing country pure and simple. It is true that it now has the second largest economy in the world. Yet no matter how big an achievement is, when divided by 1.3 billion, it would be insignificant; no matter how small a difficulty is, when multiplied by 1.3 billion, it would be huge and complex. If you factor in the 1.3 billion population of China, you would understand why economic prosperity and social stability are so important to us.

China's per capita GDP is only a little more than US$ 4,000, or one ninth of that of Australia. Given its current model of growth, China is still at the lower end of the global industrial chain. To buy a Boeing aircraft, China has to export hundreds of millions of shirts. To enable the Chinese people to lead a better life, we have to focus all our attention on development.

Third, "opportunity". China's development means opportunities to Australia and the larger world. As China moves to fully implement its 12th Five-Year Plan, it will speed up the reform to change growth pattern, stimulate domestic demand and promote consumption, and is expected to become the world's biggest consumer market. It will also accelerate the building of an energy-saving and environment-friendly society by conserving energy and reducing pollution.

The two-way trade and investment China carries out against this backdrop, including China's investment in Australia, will provide more "Chinese opportunities" to other countries, Australia included.

Ladies and Gentlemen,

In recent years, economic cooperation and trade between China and Australia have advanced with each passing day. It can be characterized by three words that begin with I P A, the acronym of your organization.

"I" stands for interest. Economic cooperation and trade between China and Australia serve the common interests of their two peoples. Last year, China bought a quarter of Australia's exports. China's imports and investments have contributed to over ten thousand dollars of income for every Australian household, created tens of thousands of jobs and stimulated growth in both countries. Our cooperation is a mutually beneficial and win-win relationship.

"P" stands for partnership. China-Australia partnership continues to grow in depth and width. China is Australia's largest trading partner, largest export market for both commodities and services and largest source of imports. Our two countries have moved beyond a mere trading relationship, and forged close partnership in broad areas like investment, science and technology, education and tourism. There are a lot of interdependence and interconnection between us.

"A" stands for advantage. China and Australia have complementary advantages for cooperation. Our natural endowments are different. Australia has not only rich energy and natural resources, but also strength in finance and insurance industry and areas like new energy and new materials. With on-going industrialization and urbanization, China's demand for energy and mineral resources will sustain. China takes the services sector as the strategic focus of its industrial restructuring, and has the need and capacity to export capital.

Ladies and Gentlemen,

Both the Chinese and Australian governments have attached great importance and given strong support to the development of bilateral trade and economic relations. We have confidence in a bright prospect of our mutually beneficial cooperation. And we are ready to work with friends from all sectors in Australia, including IPA, to widen our common interests, deepen partnership, and further tap our complementary advantages to increase the strategic value of China-Australia cooperation.

All in all, what I have said today can be summarized into two points: "China's development is an opportunity" and "China's investment is an opportunity". There are various comments and theories on China, and I hope mine will have their rightful places.

Thank you.

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