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To seize the opportunity of cooperation with China, the Australian local area is setting off a "China fever"

April 24, 2023

Since the beginning of this year, international institutions have raised their forecasts for China's economic growth in 2023. According to the International Monetary Fund (IMF), China's economic recovery has very strong momentum, and China will contribute to about one third of global economic growth this year. With the sound development of China-Australia relations, local government officials and business executives in Australia are rushing to visit China to seize the opportunity of cooperation with China. "China fever" is taking place in Australia.

Western Australian Premier Mark McGowan used the word "encourage" three times in an interview when talking about how to boost the confidence of business communities in each other's market environment. "I encourage other Australian premiers and governments to come to China; I certainly encourage the Australian Federal Government to participate in this approach; I encourage people in senior positions in China to come to Australia as well."

Australian exports to China jumped 20 percent year-on-year to RMB 268.6 billion in the first quarter, according to the data released by China's General Administration of Customs on April 13th. David Olson, chairman of the Australia-China Business Council, believes the key driver of export growth is three years of pent-up demand from Australian exporters, while China's introduction of optimized epidemic control measures provides an opportunity for Australian business executives to revive trade.

From the perspective of the Australia China Business Council, Olson believes Australian members have a very close relationship with China and continue to view China as an important market and trading partner - but do so in a more strategic and nuanced way. Through a series of dialogue mechanisms and cooperation in trade, investment, environment, culture and science, high-level policy coordination has begun to return to normal.