Learn and profit from China says trade expert
The global financial crisis has caused fast economic change in China, according to visiting China economics commentator Arthur Kroeber of consultancy GaveKal Dragonomics. Kroeber believes the global event has “accelerated the impetus for change” in the Asian giant, the third largest economy in the world.
“Rebalancing within China also means government policy is now aimed at strengthening the role of consumer spending, increasing energy efficiency and reducing pollution,” he said. “Rapid economic growth has also increased the capacity for outward investment by Chinese firms, especially the 150 large state enterprises controlling the ‘commanding heights’ of the Chinese economy.”
China is predicted to grow at 8.5 percent and Australia’s exports were up by 45 percent in the 2008/09 financial year.
Austrade’s Regional Director for North East Asia Laurie Smith said China now offers new opportunities for Australian trade and investment. “A recent Goldman Sachs report predicts that 70 percent of China will be middle class by 2020. This fact, and widespread development throughout the Chinese economy means Australian businesses will be presented with a diverse range of new opportunities.”
He encourages businesses to stay informed of changes: “Taking advantage of shifts in the business environment will be the key to profiting from China’s growth.”
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