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Category: Business, Economics and Finance / Government and Politics / Federal Government / Turnbull, Malcolm / Foreign Affairs / World Politics

Turnbull to meet e-commerce giant Alibaba founder

Tuesday, 6 Sep 2016 06:13:18 | Bill Birtles

Alibaba is one of China's biggest recent success stories. (Reuters: Lang Lang)

Prime Minister Malcolm Turnbull is set to meet one of China's richest men today as part of his innovation push.

Key points:

  • Turnbull says Alibaba an example of the type of innovative businesses
  • China wrapped up the G20 summit with non-specific commitment to lifting economic global growth
  • Turnbull discussed submarine program leaks with French President

Mr Turnbull will tour the headquarters of the $300 billion e-commerce giant Alibaba, headed by businessman Jack Ma, as his last stop before leaving the Chinese city of Hangzhou.

Alibaba, one of China's biggest recent success stories, is an example of the type of innovative businesses Mr Turnbull has been keen to talk up during his China trip.

"Innovation, trade, open markets — these are the keys to reinvigorate global growth," Mr Turnbull said.

Last night China's President Xi Jinping wrapped up the G20 summit with a non-specific commitment to lifting economic global growth.

China's first G20 finished with a very Chinese-style media conference — hundreds of journalists, none of whom were allowed to ask Mr Xi any questions.

"The G20 needs to further shift from a mechanism for crisis response to long-term governance," Mr Xi said.

"From emphasising short-term policies, to balancing short, medium and long-term policies."

While short of details, Mr Xi said the leaders had agreed to push back against rising calls for protectionist policies in places like the US and Europe.

"We are determined to revitalise the two engines of trade and investment and build an open world economy," he said.

"We support a multilateral trading system and oppose protectionism."

With the G20 over, many leaders, including Mr Turnbull, have headed to Laos for the ASEAN and East Asia Summits.

Earlier Mr Turnbull met with French President Francois Hollande, urging him to ensure that there is a "ferocious commitment" to security around the Australia-France joint submarine build.

French shipbuilder DCNS suffered a severe setback when the Australian newspaper revealed a leak of thousands of classified documents outlining the technical capabilities of the Scorpene submarines it is building for the Indian Government.

Earlier this year DCNS won the contest for the $50 billion contract to build Australia's new fleet of new submarines.

France is holding a comprehensive investigation into the leak.

AustraliaPlus


 

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