September 26th 2024.
Treasurer Jim Chalmers recently embarked on a two-day trip to China's capital city, Beijing, where he met with key Chinese counterparts. This visit marks a significant moment as Chalmers is the first Australian treasurer to make the trip in seven years. It also comes at a time when the Albanese government is working towards restoring the relationship between Canberra and Beijing.
One of the main highlights of Chalmers' visit is the resumption of the Australia-China Strategic Economic Dialogue. This move is a crucial step in repairing the strained relations between the two nations that have lasted for several years. During his time in Beijing, Chalmers will be discussing ways to strengthen economic ties and promote trade opportunities for Australian businesses. He will also be signing an agreement that will facilitate collaboration between the economic agencies of both governments.
This renewed partnership between Australia and China is a testament to the increasing demand for Australia's abundant resources, including coal, iron ore, and minerals used in renewable technology. As China shifts its focus towards producing solar panels, batteries, and electric vehicles, these resources become even more critical. In fact, according to federal government figures, the two-way trade between Australia and China was valued at a whopping $327 billion last year.
Chalmers acknowledged the changing global economic landscape since the last Australia-China Strategic Economic Dialogue in 2017. He emphasized the need for continued cooperation and collaboration, especially in the face of significant environmental, technological, and geopolitical transformations.
Despite the positive developments in repairing relations, some obstacles still remain. While China has lifted tariffs on Australian wine, beef, and barley, import taxes on Australian lobster are still in place. Additionally, there are concerns over whether Australia will follow in the footsteps of the US and ban Chinese electric vehicles due to national security concerns.
Overall, Chalmers' visit to Beijing is a crucial step in rebuilding the relationship between Australia and China. It highlights the importance of collaboration and cooperation in the face of a constantly changing global economy.
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