Distinguished Mr. David Higgins, Assistant Secretary of International Climate and Energy Division, DCCEEW,

Mr. Chris Tinning, First Assistant Secretary of Foreign Investment Division, Commonwealth Treasury,

Mr. Adam Coin, Acting Assistant Secretary of East Asia Division, DFAT,

Mr. Damian White, Acting General Manager of Government and Policy, Austrade,

Mr. Li Mang, President of CCCA

Members and delegates,

Ladies and gentlemen,

Good afternoon.

It gives me great pleasure to be with you at the 2024 Annual General Meeting of the China Chamber of Commerce in Australia (CCCA) held in Canberra. On behalf of the Chinese Embassy in Australia, I would like to congratulate the successful convening of National Committee Meeting of CCCA Annual General Meeting 2024. I would also like to extend my congratulations to President Li Mang and the newly elected members of the Committee.

In the past year of 2024，under the guidance of the leaders of our two counrties, China and Australia have achieved a comprehensive turnaround in bilateral relations. Ealier last month, at the sidelines of the G20 Summit, President Xi Jinping met with Prime Minister Albanese and noted that there is no fundamental conflict of interests between China and Australia. As long as the two sides adhere to mutual respect, treat each other as equals and seek common ground while shelving differences, China-Australia relations will surely develop well. China is ready to import more quality Australian products and encourage Chinese companies to invest and do business in Australia. President Xi also expressed his hope that the Australian side would provide a fair, transparent and non-discriminatory business environment for Chinese companies. Prime Minister Albanese said the Australia-China relationship has made encouraging progress in trade and other areas, bringing tangible benefits to the two peoples. The Australian side hopes to strengthen cooperation with China in energy transition and climate change. In June this year, Premier Li Qiang successfully visited Australia and co-chaired the 9th China-Australia Annual Leaders’ Meeting with Prime Minister Albanese. The two sides jointly issued a statement reaffirming their commitment to the China-Australia Comprehensive Strategic Partnership and the intention to develop a mature, stable, and constructive bilateral relationship. They also held a constructive meeting during the East Asia Summit in Oct. this year. Currently, bilateral dialogues across various fields have resumed, and promoting cooperation have become the mainstream of bilateral relations. It is fair to say that the political environment for deepening and expanding China-Australia economic and trade relations continues to improve.

Chinese enterprises in Australia are making positive contributions to Australia’s economic and social progress while striving to achieve their own development. China-Australia economic and trade cooperation is mutually beneficial and highly complementary. By the end of 2023, China’s accumulated investment in Australia was nearly 35 billion US dollars. Meanwhile, Australian investment in China has become an important part of China’s foreign direct investment, totaling about 11 billion US dollars. According to a report by CCCA, Chinese investment in Australia has made positive contributions to Australia in building a more efficient and resilient economy and promoting economic growth. There are nearly 900 Chinese enterprises in Australia, employing over 25,000 local workers. 60% of these companies have invested more than 10 million dollars (AUD), 34% have invested over 100 million, and 16% have been operating in Australia for many years, with total investments exceeding 1 billion. As of taxes contribution, around 40% of Chinese enterprises in Australia paid taxes exceeding 1 million dollars in 2023, in which 14.6% contributed over 10 million. As of local employment, 55.3% of Chinese enterprises hired over 70% of local workforce. 78% of companies reported that they had not reduced their workforce in the past two years, and 40% had even increased job opportunities.

Chinese enterprises in Australia are also an important force driving the prosperity of China-Australia trade. According to data released by the Australian Bureau of Statistics, in the first three quarters of this year, Australia’s trade surplus with China in goods was 3.5 billion dollars higher than the overall trade surplus of Australia. Research by ACBC also shows that in the 2022-2023 financial year, trade with China helped Australian households save 4.2% on living costs and created nearly 600,000 jobs in Australia.

China’s high-quality development provides strong support for the sustained operations and growth of Chinese enterprises in Australia. China has entered a stage of high-quality development, transitioning from high-speed growth to high-quality growth and accelerating a shift from traditional drivers of growth to new ones by bolstering the emerging sectors. While it is inevitable that challenges will arise, the Chinese government is both confident and capable of handling these difficulties. With continued efforts on existing policies and a portfolio of new policies, the vitality and momentum of China’s economy have been further unleashed, with high-quality development showing clear progress. From January to October this year, China’s total goods import and export value exceeded 36 trillion yuan, a year-on-year increase of 5.2%. Exports reached nearly 21 trillion yuan, up by 6.7%. The total retail sales of consumer goods reached 39.9 trillion yuan, a 3.5% increase. National fixed asset investment (excluding rural households) exceeded 42 trillion yuan, with high-tech industries showing a 9.3% year-on-year growth. Investment in the manufacturing of aviation, spacecraft, and related equipment rose by 34.5%, and investment in professional technical services grew by 32.0%. For the first three quarters of this year, the value added of industrial enterprises above a designated size grew by 5.8% year-on-year. In October, the value added of high-tech manufacturing industries rose by 9.4%, with the production of new energy vehicles and industrial robots increasing by 48.6% and 33.4%, respectively. 

These indicators show an obvious rebound in China’s economic performance with high-quality development advancing steadily. Positive factors are accumulating, further solidifying the favorable momentum, and the outlook for development is increasingly promising. Achieving the annual economic growth target of about 5% is entirely within reach. The continuous and stable high-quality development of the domestic economy, coupled with strong advantages in technology, talent, capital, and industrial chains across various fields, provides the strongest foundation for the sustained operation and development of Chinese enterprises in Australia.

In the face of the uncertainties in the global economy, the successful economic and trade cooperation between China and Australia has injected strong momentum into both economies, bringing greater stability and certainty to the region and the world. The world is entering a new period of turbulence and transformation, with insufficient momentum for global economic recovery. Next year will undoubtedly present significant challenges. In the context of sluggish global economic growth and new challenges to economic cooperation in the Asia-Pacific region, it is heartening to see that China, as the world’s second-largest economy, remains firmly committed to the inclusive and open stance of economic globalization and trade liberalization. China’s development represents a major opportunity for global prosperity.

The natural complementarity between China and Australia determines the feasibility and sustainability of bilateral economic and trade cooperation. With the steady and positive development of China-Australia relations, Chinese enterprises are becoming increasingly confident in their investments in Australia. I firmly believe that the future of China-Australia economic and trade cooperation is promising. It will bring greater benefits to the people of both countries and contribute to global economic growth, as well as to peace and stability worldwide.

Ladies and Gentlemen,

This year marks the 10th anniversary of President Xi Jinping’s state visit to Australia and the establishment of the Comprehensive Strategic Partnership between China and Australia. We are two major countries in Asia Pacific. Our cooperation bilaterally, of course, is important to our two countries itself, but the same time, we can also contribute to the peace and prosperity in the region, to the world as well. We are friends. We're not foes. We cooperate. We're not rivals. Looking back on the past 10 years, we have achieved so much with efforts from both sides to the benefits of our two countries and two peoples. Of course, we have also experienced some ups and downs. But the good news is that with efforts from both sides over the past two years or more, we have successfully stabilized our relationship. We have improved our relationship. When we consolidate this good momentum, we have fully turned around our bilateral ties back to the right track, back to the right direction.

I hope that Chinese enterprises in Australia, standing at a new historical starting point, would broaden their horizons with regard to China-Australia economic and trade cooperation. You would integrate their own development with the healthy growth of the local economy and society, and, with a spirit of mutual accomplishment, pursue collaboration in ways that foster innovation. By enhancing market and resource alignment and actively fulfilling their social responsibilities, these enterprises can continue to open up new spaces for growth.

CCCA serves as a vital bridge connecting Chinese enterprises with the Australian government. For many years, CCCA has actively represented the needs of businesses, offering suggestions on policies and legislation, and safeguarding the legitimate interests of Chinese enterprises in accordance with the law. It has made significant contributions to ensuring the sound operation of Chinese businesses in Australia and promoting their continued development. Under the leadership of President Li Mang, I believe CCCA will play an even more important role as a bridge and a link, boosting communication and collaboration with the Australian government. Focused on mutual benefit and win-win cooperation, CCCA will help guide member enterprises in expanding cooperation with Australia in various fields, thus making even greater contributions to improving the quality and level of China-Australia economic and trade cooperation.

The Chinese Embassy in Australia will, as always, fully support the work of the CCCA and provide services for the healthy development of Chinese enterprises in Australia.

Thank you.