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Bilateral trade with China to hit $100 billion

Bilateral trade with China to hit $100 billion article image
Bilateral trade between Australia and China is set to hit $100 billion this year according to Minister for Foreign Affairs Stephen Smith. Increased demand from China for raw materials such as iron ore will drive further trade, he indicated. "Thirty years ago, our two-way trade in goods and services with China was under one billion dollars, three percent of Australia's total trade," he said. "This year two-way trade may well reach the 100-billion-dollar mark." In the 2009 calendar year, Australia-China bilateral trade reached $85 billion, more than 15 percent of Australia's total trade. Smith said Australia welcomed investment from China, adding that the Rudd government had approved $60 billion of Chinese investment in business and real estate since 2007. "Australia maintains, as it has for many years, a consistent, open and welcoming stance towards foreign investment, whether from China or elsewhere," he said.

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