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| Co-operation with Land on the Rise |
| 日期:2003-11-04 14:38 编辑: system 来源： |
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Australia is counting on China -- given the Chinese mainland's dynamic economic growth -- to purchase greater quantities of its primary exports, indicates a newly released report by the Department of Foreign Affairs and Trade (DFAT).
The report, titled "China's Industrial Rise: East Asia's Challenge," suggests China's economic growth will result in tremendous benefits for the economies of its Asian neighbours -- and Australia.
The report, prepared by the department's Economic Analytical Unit, concludes the economies of China and Australia are complementary.
Chinese demand will grow for Australia's iron ore, natural gas, unwrought aluminium, copper, wool and wheat, the report, released last week, predicted.
TIES: Two economies mutually beneficial
Meanwhile, the report predicted, Australian consumers will benefit from inexpensive Chinese exports -- including computers, clothing and footwear, video and digital cameras, mobile phones and sporting items.
China currently is Australia's third-largest trading partner. Australia, however, is China's ninth-largest trading partner.
Australia exports about US$10.7 billion worth of 170 minerals, energy and farm products to China annually.
China, meanwhile, exports about US$19.2 billion worth of 515 commodities -- including office machines, garments, footwear and video equipment -- to the Oceanic nation.
"China will, increasingly, demand Australia's raw materials, particularly minerals and energy," the report predicted.
Zhou Xiaoming, economic and commercial counselor with China's consulate-general in Sydney, agrees with the report's assessment.
China imports about 30 per cent of Australia's iron ore exports, making China the Oceanic nation's second-largest market after Japan, Zhou told China Business Weekly.
"Given its increasingly strong demand, China is likely to surpass Japan to become the largest importer of Australia's iron ore," Zhou said.
Regarding China's exports to Australia, Zhou said shipments of high-tech, mechanic and electronics products have increased in recent years.
China's exports of mechanic and electronics products rose 48 per cent last year, compared with 2001, while shipments of high-tech products soared 58 per cent.
"They make up more than half of our exports to Australia. Electrical-machinery products have replaced clothing to become the primary export items," Zhou said.
When releasing DFAT's report, Australian Foreign Minister Alexander Downer said: "It highlights the tremendous economic opportunities created by the emergence of China as a dynamic and powerful regional economy.
"It shows, rather than being a negative for the region, as is sometimes argued, China's rise is creating new opportunities."
Downer commented on the significance of the trade and economic framework signed on October 24 by the nations.
The ceremony was held in Canberra, Australia. Australian Prime Minister John Howard and Chinese President Hu Jintao attended.
"(That was) a bold and important step in strengthening commercial links," Downer said.
The purpose of the framework -- covering a wide range of activities, issues and sectors -- is to improve commercial and policy links between the nations.
Sectors covered under the framework include energy and mining, agriculture, textiles, clothing and footwear, services, investments, education and ICT (information and communications technology).
The framework also deals with various policy issues -- including food safety, health, customs co-operation and intellectual property rights.
The pact also outlines the agenda for Sino-Australian trade and economic relations over the next few years. It includes a commitment by both governments to study the feasibility of a bilateral free trade agreement.
The framework supports China in its bid to recognized as a market economy.
"Recognizing China's tremendous achievements in establishing a market economy, Australia will not apply Sections 15 and 16 of the Protocol of Accession of the People's Republic of China to the WTO (World Trade Organization) and Paragraph 242 of the WTO Report of the Working Party on the Accession of China during the course of the study," the document says.
Local media have interpreted that wording as Australia's commitment to suspend WTO protocols that label China as an economy in transition.
Australia's largest national newspaper -- The Australian -- said in a commentary that Australia, by signing the framework, "has become the first major Western economy to formally accept China's claim to free-market status."
Australia also explicitly agreed, in the framework, to "formal recognition of China's full-market-economy status" as a condition of a future free-trade deal.
Recognition of full-market-economy status might offset China's concerns about proposed anti-dumping laws by Australia that would finger Chinese imports.
After signing the framework, Australian Trade Minister Mark Vaile said: "China has made tremendous progress towards establishing a fully fledged, market-based economy, and has emerged as an important regional and global economic player.
"I am confident it will deliver improvements to the overall business environment to both countries' mutual benefit."
Tim Harcourt, the Australian Trade Commission's chief economist, hailed the framework as the completion of a unique "trade hat-trick."
Australia signed free-trade deals with Thailand and the United States a few weeks ago.
"With China looking set to overtake Japan as Australia's No 1 export destination by 2012, the size of the opportunity this agreement presents for Australian companies should not be underestimated," he said. |
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