(China Daily)
Updated: 2007-09-21 07:24

Economic and trade cooperation has boosted Sino-Australian relations, says an article in the Hong Kong-based Wen Wei Po newspaper. The following is an excerpt:

China has become Australia's largest trade partner.

"Made in China" products are widely seen in Australian shopping centers and supermarkets. And when most Chinese are not familiar with the game of rugby, Haier, a Chinese company, has become the sponsor of a team in the Australian Rugby League.

This gives an insight into Sino-Australian economic and trade relations. Zhang Junsai, Chinese ambassador to Australia, told reporters that Chinese companies like China International Trust and Investment Corporation, Sinosteel Corporation, China Huaneng Group and Baosteel Group are major foreign investors in Australia.

Figures released by the Australian Bureau of Statistics show that China, including Hong Kong and Macao, had overtaken Japan as Australia's biggest trading partner. Local economists said it was a milestone in Sino-Australian relations. In the past 36 years, Japan had always been Australia's biggest trade partner. China was only the third largest in 2004. As the Chinese economy develops and the mutual needs between China and Australia in economic cooperation and trade increase, bilateral trade volumes have quadrupled in three years. And the development trend will go on.

Multiple factors have promoted the development of Sino-Australian economic and trade cooperation.

First, bilateral political relations are stable. The frequent visits between leaders of the two countries have enhanced mutual trust and understanding. Australia Prime Minister John Howard has visited China six times and Chinese President Hu Jintao, National People's Congress (NPC) Chairman Wu Bangguo and Premier Wen Jiabao have also visited Australia in the past four years. These visits have provided a new drive to the development of cooperation in various fields between the two countries.

Second, the two economies are complementary and therefore economic and trade cooperation faces a bright future. China focuses on processing and manufacturing and its need for energy and resources increases as the economy develops. Australia is the major supplier of resources and energy and has special advantages in energy conservation and environmental protection technologies. It naturally has become China's major cooperation partner.

Third, the cooperation in education and tourism between the two countries has developed well. In 2005 nearly 300,000 Chinese tourists visited Australia and about 400,000 Australians visited China. China is also the biggest resource country for overseas students in Australia. Currently, about 100,000 Chinese students are studying in Australia.

Now the two countries have set a clear direction for future economic and trade cooperation, including building the strategic cooperative partnership in resources and energy, enhancing communications and cooperation in environmental protection and coping with climate changes, and expanding industrial cooperation. The visit by President Hu to Australia this month was regarded as a booster in the development of bilateral relations.

(China Daily 09/21/2007 page10)