Austrade official applauds nation's economic recovery

Andrea Myles, senior trade and investment commissioner at the Australian Trade and Investment Commission, or Austrade, said her country has confidence in China's economy and believes there will be enormous opportunities to grow in the Chinese market for many years to come.

Speaking at the sixth China International Import Expo, which concluded in Shanghai on Friday, Myles said the Chinese economy's steady recovery from the COVID-19 pandemic demonstrates a stable growth rate which by global standards is very high.

"What we see in the Chinese economy is stabilization, and I am very confident that Australia will find wonderful opportunities within that stabilization," said Myles.

This year's CIIE marked its first full return to in-person exhibitions since the onset of COVID-19, and Austrade organized and supported Australian businesses to participate for the sixth consecutive year. Myles said the expo is a very important event for Australian businesses, as it is one of the world's biggest trade shows focusing on imports to China. "It's about every sector … you come to one trade show and showcase to some of the most sophisticated buyers from across the country," she added.

This year's event saw a record number of Australian exhibitors, with around 250 businesses showcasing world-class goods and services ranging from agricultural products to beverages, dairy items, health products, meat and seafood.

"Everybody has enthusiasm about the Chinese market, the Chinese economy and the Chinese people that was stored up for the past two or three years," Myles said.

During the CIIE, agreements worth about AU$500 million ($318.7 million) were signed between Australian and Chinese companies, including a AU$100 million deal by agricultural company Balco Australia and its Chinese partner Bright Farming to supply oaten hay to China over the next decade. Other Australian companies signing deals with Chinese partners include Vierra, Herbs of Gold, Australia Aulong Auniu Wang and Port Adelaide Football Club.

"The Australian and Chinese economies are highly complementary and there is great potential for deepening bilateral cooperation," Myles said.

China remains Australia's largest trading partner and the biggest market for Australian exports, with bilateral trade in 2022 accounting for 28 percent of Australia's total foreign trade. According to data released by the General Administration of Customs of China, trade volume between the two countries from January to September this year amounted to 1.2 trillion yuan ($160 billion) representing a year-on-year increase of 10.2 percent, while China's imports from Australia surged 15.3 percent year-on-year over the same period.

Myles said Australian products like beef, wine and dairy are popular among Chinese consumers due to their high quality, while Australia's tourism and mineral resources are also attractive.

She also noted the Chinese market offers tremendous opportunities in the sectors of health and elder care, in which Australia excels.