Over 100 businesses are participating in the largest ever trade mission to China: Australia China 2. Trade Minister Emerson is leading a group of entrepreneurs, educators, sustainability and design experts as well as service providers on a mission exploring China’s second tier cities which will drive Australia’s future engagement with our largest trading partner.
Plenty of evidence of success already with a number of businesses participating in signing ceremonies during the ten day visit.
Foreign Minister Rudd coined the term Australia-China 2.0 to represent this new phase and our new target in China. The inland Chinese cities are going to ensure high growth for decades to come with some of them forecasting growth of over 20% into the future. Not surprisingly then top of the mission list is urbanisation. In 2010 China built new floorspace equivalent to the entire stock of housing in Spain (China’s second- and third-tier cities, Opportunities for Australia, Economist Intelligence Unit 2011). As this EIU report indicates, housing construction in China drives a wide range of activity in China from infrastructure to cars and has a direct link with China’s GDP and, of course, to Australia’s economic well being.
Opportunities for Australia
The Economist Intelligence Unit report, just launched by the Trade Minister, explores opportunities for Australia in the inland parts of China, following the trajectory of the mission. As well as urbanisation and all its flow ons, another area of interest to Australia is the change to the Household Registration system (hukou) underway in China. Currently entitlements to health, education and social security support are linked to one’s original place of residence – so a huge number of new urban and rural residents miss out. As China attempts to streamline access to these services, so will China’s need for medical technology come to the fore.
China’s industries are changing too from low end manufacturing to higher value-add, high-tech work supported by a burgeoning service sector and greater investment in education and training. China’s inland cities generally have poor quality tertiary education hence another target for Australia and one we need to pay great attention to as the US and UK up the ante in attracting students from China. The latest statistics from DIAC show student numbers declining – The Age Newspaper yesterday reported a 24% drop in Chinese student applications.
Aged care is another focus of the Chinese government as population growth starts to decline in around 2025. China will be an aged country before its people are well off, presenting a new challenge for the government to look after them.
Growth in the broad services sector has hardly got started in China. Yet, as the Foreign Minister outlined when spruiking the mission around Australia, China is already the world’s fourth largest exporter of commercial services – a 32% increase on the previous year (also the third largest importer of services)!
Chin Communications Managing Director Charles Qin, Australia’s leading Mandarin Interpreter, is accompanying the Minister delivering high-level language support and helping to ensure an enlightening and worthwhile experience in Australia’s continuing engagement with China. The importance of high-quality interpreting is being underlined with Australia's future success at stake.
When it comes to Chinese translation, Chin Communications is the leading provider of Chinese-English Translations in Australia. Chin is well known for its timely solutions, advice and strategies to help win business and for error-free translations that help its clients get the deal right. With a client list including Presidents Clinton, Bush, Xi Jinping and Hu Jintao, Prime Ministers Gillard and Rudd, Chin also works with many small and medium businesses starting out with China.
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