Today in Darling Harbour the City of Sydney hosted an inaugural “China Business Summit,” sponsored by Austrade, ANZ Bank and KPMG. The Economist was the official media partner – I learned about the session as a subscriber.
For an inaugural conference attendance was good – not an overflow but now empty, either (especially when you consider tickets cost $220 each).
The Hon. Ian MacDonald, MLC, Minister for State Development with NSW Government started the main session. His opening keynote speech highlighted the rationale for the links.
Why China? Australia grew up a distant partner to Europe. In the 20th century the allegiances shifted to the USA. Today our largest trading partner is China. And the links are more than purely economic. Chinese New Year in Sydney is the largest celebration of Lunar New Year outside China.
Exports are the primary link. Exports account for 1 in 5 jobs in Australia – in rural Australia that’s 1 in 4 jobs. Today the economic relations with China are $50.5 billion – with NSW claiming $15.4 billion. China is the largest trading partner for Australia and NSW. Its annual growth rate last year was 11.4% and puts it on course to overtake Germany as the third largest economy.
Just 20 years after Sydney was founded the first schooner left laden with seal skins for Canton (today Guangzhou). It returned with tea, china, silk, toys and trinkets. Today aluminium, wool, coal, copper are shipped via that same route. NSW exports the highest amount of coal in the world.
Beyond exports Sydney is now exporting intelligence – PTW Architects designed the Beijing Olympics aquatic centre. Called the “Water Cube” the centre can host 17,000 spectators and uses advanced building technology. Some say it looks like a cube covered in bubble wrap.
Those visiting the Beijing Olympic Games can take advantage of Austrade’s business club – a “matchmaking service” for business professionals taking place in Beijing during the Games.
