After a long hiatus due to COVID-19 and a diplomatic downturn, Australian business leaders are returning to China in droves. Many remain cautious, however, about the risks involved.
The surge in high-level business trips follows a three-year drought because of border closures and political hostilities and comes ahead of Trade Minister Don Farrell’s online meeting with his Chinese counterpart next week.“It is very much business as usual and people are getting on with their lives.
An Aust Cham survey of 160 Australian companies doing business with China released in December showed 66 per cent were planning to increase their investment in the country. It is hoped Mr Farrell’s meeting with his Chinese counterpart, Wang Wentao, next week will pave the way for a physical visit this year by the trade minister and a formal delegation of business chiefs.Investors in Australia
David Olsson, president of the Australia China Business Council, said he was aware of at least three or four Chinese provincial delegations coming to Australia in the next month to fortify business ties. “China still represents one of the only markets in the world where there are a lot of growth opportunities despite COVID setbacks,” he said.China slapped sanctions on $20 billion worth of Australian exports in 2020 after bilateral relations hit an all-time low under the former Coalition government. Even companies hurt by those sanctions said they had not given up on China despite the federal government’s suggestion they diversify to other markets.
Privately, some investors and exporters said while they still wanted to engage with China because of the huge size of its economy, they did not trust the government and the risks were high. Australian superannuation funds have also been reluctant to pump capital back into China because of the regulatory uncertainty.
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