Australia-China Joint Economic Report

The Hon. J.S. LEE (15:31): On the final parliamentary sitting week for this year, it is my pleasure to rise and speak in the South Australian parliament today about the launch of the Australia-China Joint Economic Report. As the shadow parliamentary secretary for trade and investment and multicultural affairs, I was honoured to be invited by the University of Adelaide and the Institute for International Trade to be one of the guest speakers at the breakfast forum for the launch of the Australia-China Joint Economic Report on Friday 18 November 2016.

This important report is the result of a significant and unprecedented joint economic study by two countries. I would like to pay tribute to the outstanding work of the co-editors and engineers of the comprehensive report, namely, Professor Peter Drysdale and Zhang Xiaoqiang. The study was undertaken by the East Asian Bureau of Economic Research in the Crawford School of Public Policy at the Australian National University, together with the China Centre for International Economic Exchanges in Beijing.

I had the pleasure of speaking to Professor Peter Drysdale before the breakfast forum and, of course, meeting him at the launch. Peter is the Emeritus Professor of Economics and the head of the East Asian Bureau of Economic Research and East Asia Forum at the Crawford School of Public Policy at the Australian National University. He is a delightful and energetic professor, with an abundance of knowledge about China and the region, and widely recognised as the leading intellectual architect of APEC. Peter is one of those people with whom you can have a meaningful debate and conversation on any given day.

As honourable members know, Australia and China, two vastly different nations, already have a strong joint political, economic and social investment in the success of a bilateral relationship. As China's economy matures and its middle class expands with free trade agreements put in place, China is enjoying greater access to Australian agriculture, institutions and services—everything from infant formula to vitamins, butter to beef, education to tourism, as well as advanced science, technology and research capabilities. We certainly hope to see many more Australian products and brands becoming household names in China.

Both Australia and China gain enormous benefit from growing and diversifying their economic relationship through new flows of tourists, students, investors and migrants. The new report plays an important role in consolidating all the facts and data in establishing some common reference points. This is a vital opportunity for both countries to think about how to shape the future course of our long-term partnership in a deliberate and strategic way.

I place on the record my sincere thanks to the University of Adelaide's Professor Warren Bebbington for his warm welcome speech that morning. Thanks also to the Institute of International Trade staff, Lisa Hunt and Amy Johns, for coordinating the launch. Special thanks to Professor Christopher Findlay, Executive Dean of the Faculty of Professions, for doing a fantastic job as the emcee and moderator for the robust panel discussion.

In my speech on the day, I congratulated the co-editors and the team that produced the report and highlighted the important contributions of our Chinese migrants and how the local enterprising Chinese community helps to enhance Australian relationships with China. I had the pleasure to join the panel discussion with Mr Sean Keenihan and Mr Alfonzo (Alf) Ianniello. It was great to see both of them sharing their insights and engagement with China.

Sean is well known to many and wears many hats, including Chairman, Norman Waterhouse Lawyers; Chairman, South Australian Tourism Commission; National Vice-President, Australia China Business Council Ltd and President of the SA Chapter. Alf is the CEO of the Detmold Group, a well-established global manufacturing business in paper packaging products in Australia, Asia and South Africa. The company employs 2,500 people and distributes its products in 22 cities around the world.

The panel members recognised that China has been the world's main economic growth engine and agreed that it is timely to have a comprehensive report that defines a new framework that will unlock more potential and enable South Australia to harness opportunities that arise from the profound transformations in both economies. I encourage honourable members to read the report in their spare time, perhaps over the Christmas break. In closing, I thank everyone for their contributions this year, and I convey my best wishes to honourable members and staff for a merry Christmas and a happy new year.