On the 10th, the Institute for Australian-Chinese Relations at the University of Technology Sydney hosted a symposium. Former Australian Minister for Trade Andrew Robb was invited to deliver a speech on topics related to the China-Australia Free Trade Agreement. Robb stated that China’s economic transformation and the growing middle class are of great significance to the economic and trade relations between China and Australia.

Rob said, “China is Australia’s largest trading partner and also Australia’s biggest overseas market for agricultural, resource, and service exports. Between fiscal years 2014 and 2015, the total trade volume between the two countries reached as much as 150 billion Australian dollars.”

He pointed out that China’s economy is now undergoing a transformation—from a past growth model that relied heavily on manufacturing, exports, and investment—to a new growth model driven by services and consumption. Australia, meanwhile, enjoys clear advantages in the service sector, agriculture, and high-end manufacturing. This economic transformation in China presents enormous opportunities for trade between China and Australia.

Rob believes that “the perception that China’s economic growth is slowing down is misleading.” Although China currently faces numerous challenges, its economic strength remains formidable. He pointed out that over the past 30 years, China has lifted 500 million people out of poverty—a feat that represents an extraordinary miracle in human history. At the same time, China boasts a massive domestic market; last year, two-thirds of China’s economic growth came from the expansion of domestic consumption.

He said that, according to projections by the Organization for Economic Cooperation and Development, China’s middle-class population will grow from 525 million in 2009 to 3 billion by 2030. “Even if these figures aren’t entirely accurate, they’re still beyond imagination.” In his view, Australia’s agricultural products—“clean, green, and healthy”—as well as its high-end manufacturing sector and high-standard service industries, are all well-positioned to meet the middle class’s demand for high-quality, premium consumption.

According to Luo Bu, since the China-Australia Free Trade Agreement came into effect at the end of last year, initial results have already become apparent within just three months. “After the agreement entered the implementation phase, Australian lamb has been exported to Tianjin, a city in northern China; frozen beef, wine, and coal have been shipped to Xiamen; coal has also been exported to major industrial centers in China such as Ningbo and Zhuhai; beef and seafood are being transported to Shanghai; and seafood is being air-freighted in batches to Guangzhou Airport.”

“We can clearly see that since the China-Australia Free Trade Agreement came into effect, it has directly boosted Australia’s economy, and the relationship between the two will only grow closer and tighter.”

Rob thanked the Australia-China Relations Institute and Director Bob Carr for their outstanding contributions to the ongoing promotion of bilateral relations, stating that closer trade and investment ties with China would be mutually beneficial. He also revealed that he will visit China again next month to participate in the second “China-Australia Week” event.