Australian China trade a boost to competitiveness, says survey
Direct business with main trading partner contributes 5.5pc to economy, survey finds
Australian companies see working with China as a way to enhance global competitiveness and integrate in global value chains, finds a new report on bilateral trade.
Two-thirds of the 209 Australian companies surveyed in the 2014 Australia-China trade report say trade with China has increased their competitiveness both domestically and globally while 80 per cent of those surveyed see China as part of their global value chain.
Working with Chinese state-owned enterprises can be especially beneficial to Australian businesses in terms of access to restricted industries such as transportation and in overcoming market access restrictions, trade barriers and providing intellectual property protection.
Commissioned by the Australia China Business Council and sponsored by the National Australia Bank (NAB), the report takes a broad look at what Australian companies have gained by partnering with China.
Direct trade with China has contributed 5.5 per cent to the Australian economy, with nearly 200,000 Australian jobs sustained by direct exports to China.
The report also finds China is the largest importer of Australian agricultural products and the third largest buyer of Australian manufactured goods.