China wants to seal Aussie pact
By Rod McGuirk |
June 22, 2010, Tuesday
|
Print Edition
Print Edition
CHINA is keen to strike a free trade pact with Australia soon and opposes any return to protectionism by countries in response to the global economic crisis, Vice President Xi Jinping said in Canberra yesterday.
Xi is on the final leg of a four-nation tour that took him to Bangladesh, Laos and New Zealand.
Xi told Australian government and business leaders at a lunch at Parliament House that Australia and its biggest export customer, China, had strategic interests in completing bilateral free trade talks, which began in 2005 and will enter a 15th round in Beijing this month.
"A comprehensive, balanced, high quality and mutually beneficial free trade agreement been Australia and China serves the fundamental and long-term interests of our two countries," Xi said. "We hope that the two sides will reach a mutually acceptable agreement at an early date."
He said China and Australia had to take "concrete actions" to oppose trade and investment protectionism in the aftermath of the global recession.
"Given the continuing impact of the international financial crisis, it remains a daunting task to promote the comprehensive recovery and sustainable development of the world economy," Xi said.
China has been quick to fill a slump in investment in the Australian resource sector since the global downturn. But Australia is reluctant to allow Chinese companies to buy the mines that are commanding record prices because of rising demand for resources.
Beijing has complained to Canberra about the escalating prices Chinese manufacturers are being charged for Australian raw materials.
Prime Minister Kevin Rudd plans to introduce a tax on mineral profits that is expected to raise an extra 9 billion Australian dollars (US$8 billion) a year from mining firms. Critics argue the move would deter investment and kill the mining boom.
During Xi's visit yesterday, 10 agreements were signed, most related to resources and energy.
Xi is the most senior Chinese official to visit Australia since bilateral ties were tested by an Australian mining executive's sentencing in March to 10 years' imprisonment for industrial espionage.
Xi is on the final leg of a four-nation tour that took him to Bangladesh, Laos and New Zealand.
Xi told Australian government and business leaders at a lunch at Parliament House that Australia and its biggest export customer, China, had strategic interests in completing bilateral free trade talks, which began in 2005 and will enter a 15th round in Beijing this month.
"A comprehensive, balanced, high quality and mutually beneficial free trade agreement been Australia and China serves the fundamental and long-term interests of our two countries," Xi said. "We hope that the two sides will reach a mutually acceptable agreement at an early date."
He said China and Australia had to take "concrete actions" to oppose trade and investment protectionism in the aftermath of the global recession.
"Given the continuing impact of the international financial crisis, it remains a daunting task to promote the comprehensive recovery and sustainable development of the world economy," Xi said.
China has been quick to fill a slump in investment in the Australian resource sector since the global downturn. But Australia is reluctant to allow Chinese companies to buy the mines that are commanding record prices because of rising demand for resources.
Beijing has complained to Canberra about the escalating prices Chinese manufacturers are being charged for Australian raw materials.
Prime Minister Kevin Rudd plans to introduce a tax on mineral profits that is expected to raise an extra 9 billion Australian dollars (US$8 billion) a year from mining firms. Critics argue the move would deter investment and kill the mining boom.
During Xi's visit yesterday, 10 agreements were signed, most related to resources and energy.
Xi is the most senior Chinese official to visit Australia since bilateral ties were tested by an Australian mining executive's sentencing in March to 10 years' imprisonment for industrial espionage.
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