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The 2016 Australia China Business Council’s report on ‘The Long Boom: What China’s Rebalancing means for Australia’s Future’ was launched in Melbourne on Wednesday night, with over 200 guests joining ACBC Victoria to gain insight into China’s changing economy and how various Australian services sectors are set to benefit.
The report was commissioned by the Australia China Business Council, sponsored by ShineWing Australia and produced by the Monash Business School and the Australian Centre for Financial Studies. We acknowledge the contribution to the report of Amy Auster, formerly of the Australian Centre for Financial Studies, who has now moved to the Department of Treasury and Finance.
The report was officially launched by our National President, The Hon John Brumby, who facilitated discussion with the report’s authors Professor Edward Buckingham, Monash Business School and Professor Rodney Maddock, Australian Centre for Financial Studies. They outlined the future of the Australia-China trade relationship, the effect of the shifting relationship on the broader Australian economy and what Australian businesses need to do in order to act on the opportunities presented by the Chinese market.
A number of key findings were emphasised including that with only a moderate increase in Chinese consumption growth, almost a quarter of Australia’s services exports could go to China. ‘Given the dominance of services in the Australian economy, [this] growth in the export of services to China offers the potential for broad based employment gains,’ the report says.
Healthcare, education, tourism and financial services are the areas which stand to benefit most from the rebalancing in China’s economy. According to the report, by 2025, China’s share of Australian exports could represent
However, these potential benefits are not to be taken for granted, the report stresses.
‘Expanding trade in services requires catering to specific customer tastes and requirements…Where businesses do not have the required skills to service this new consumer market, they will need to implement strategies to proactively develop them’.
To read the full report, please click here and to read additional media coverage of the report, please click here.
We thank ShineWing Australia, and our Committee Member, Mr David Chu, for their generous funding of the report and for sponsoring the national launch events, the members of the ShineWing events team headed by Tiffany Wardell, and also extend our sincere thanks to our speakers for giving their time and sharing their expertise.