PM Transcripts

Transcripts from the Prime Ministers of Australia

Transcript 6917

SPEECH BY THE PRIME MINISTER, OPENING OF THE THIRD CHINA-AUSTRALIA SENIOR EXECUTIVE FORUM, BEIJING, 20 MAY 1986

Photo of Hawke, Robert

Hawke, Robert

Period of Service: 11/03/1983 to 20/12/1991

More information about Hawke, Robert on The National Archive website.

Release Date: 20/05/1986

Release Type: Speech

Transcript ID: 6917

SPEECH BY THE PRIME MINISTER
OPENING OF THE THIRD CHINA-AUSTRALIA SENIOR EXECUTIVE FORUM
BEIJING 20 MAY 1986
PREMIER ZHAO
DISTINGUISHED PARTICIPANTS
THIS THIRD MEETING OF THE CHINA-AUSTRALIA SENIOR EXECUTIVE
FORUM IS A FURTHER INDICATION OF THE'GROWING STRENGTH OF THE
COMMERCIAL RELATIONSHIP BETWEEN OUR TWO COUNTRIES. THE
FORUM WILL PROVIDE YOU WITH THE OPPORTUNITY FOR BUSINESS
CONTACT, FOR EXCHANGING INFORMATION ON HOW BUSINESS IS DONE
IN BOTH COUNTRIES, AND FOR EXPLORING COMMERCIAL JOINT VENTURE
PROSPECTS IN CHINA AND AUSTRALIA. YOUR SUCCESS IN THESE
ENDEAVOURS WILL BRING OUR NATIONS CLOSER TOGETHER AND WILL
STRENGTHEN THE FRIENDSHIP THAT HAS BEEN DEVELOPED BETWEEN US.
I FULLY ENDORSE AND APPLAUD YOUR EFFORTS, AND I WISH YOU
EVERY SUCCESS.
MUCH HAS ALREADY BEEN ACHIEVED IN ECONOMIC COOPERATION BETWEEN
OUR TWO COUNTRIES AND I WILL BE REVIEWING THIS IN MY REMARKS,
NATURALLY, WHEN THE PROSPECTS ARE SO EXCITING AND THE REWARDS,
BOTH COMMERCIAL AND SOCIAL, SO PROMISING, THERE IS CONSIDERABLE
IMPATIENCE.
HOWEVER, I BELIEVE IT HAS TO BE REMEMBERED AT ALL TIMES THAT
WHAT WE ARE TRYING TO BUILD IS A STRUCTURE THAT WILL ENDURE
AND PROSPER INTO THE 21ST CENTURY AND BEYOND. . GOVERNMENT AND
BUSINESS NEED TO BRING TO THIS TASK A LONG VIEW AND A
PREPAREDNESS TO LOOK FURTHER THAN NEXT MONTH OR NEXT YEAR
FOR RESULTS.

OCCASIONALLY, WE WILL BE FRUSTRATED, SOMETIMES BECAUSE
RESULTS ARE SLOW IN COMING AND SOMETIMES BECAUSE IT IS JUST
NOT POSSIBLE FOR THE PEOPLE OF OUR TWO COUNTRIES TO REACH EARLY
AGREEMENT ON SOME PROJECTS.
WE ARE INVOLVED IN A COMPLEX LEARNING PROCESS IN ECONOMIC
RELATIONSHIPS AND IT WILL TAKE US TIME TO ACHIEVE ALL THE
POTENTIAL. I AM ABSOLUTELY CONFIDENT THAT WE WILL SUCCEED
IN THE END, NOT LEAST BECAUSE OF THE EFFORTS WHICH HAVE BEEN
MADE AND ARE BEING MADE BY REPRESENTATIVES OF COMMERCIAL
INSTITUTIONS OF BOTH OUR COUNTRIES.
THE FRUSTRATIONS I HAVE REFERRED TO IN NO WAY DIMINISH THE
IMPORTANCE OF WHAT WE ARE DOING, THE ENTHUSIASM WITH WHICH
WE APPROACH THE TASK OR THE PROSPECT OF A VERY LONG, MUTUALLY
BENEFICIAL AND FRIENDLY RELATIONSHIP AT ALL LEVELS POLITICAL,
SOCIAL, CULTURAL AND COMMERCIAL.
BOTH OUR ECONOMIES HAVE GROWN STRONGLY IN RECENT YEARS.
PREMIER ZHAO ZIYANG'S IMPORTANT STATEMENT TO THE NATIONAL
PEOPLE'S CONGRESS EARLIER THIS YEAR DESCRIBED THOROUGHLY
CHINA'S PROGRESS. ECONOMIC GROWTH IN CHINA HAS BEEN
EXCEPTIONALLY RAPID IN THE PERIOD OF THE SIXTH FIVE YEAR PLAN,
REACHING ABOUT 12 PER CENT PER ANNUM OVER THE PAST TWO YEARS.
IN 1985 ALONE, INVESTMENT ROSE BY A STAGGERING 54 PER CENT AND
INDUSTRIAL OUTPUT BY 18 PER CENT, AUSTRALIA'S GROWTH OVER THE
LAST THREE YEARS HAS AVERAGED ABOUT 5 PER CENT PER ANNUM,
MAKING AUSTRALIA ONE OF THE FASTEST GROWING OF THE WESTERN
INDUSTRIALISED COUNTRIES.
THESE ARE REMARKABLE ACHIEVEMENTS. THEY ARE A TESTIMONY TO
THE SUCCESS OF THE ECONOMIC POLICIES OF OUR TWO GOVERNMENTS.
BUT IN PURSUING OUR GROWTH STRATEGIES WE BOTH HAVE ENCOUNTERED
BOTTLENECKS IN THE DEVELOPMENT PROCESS.

CHINA'S TRANSPORTATION SYSTEM, FOR EXAMPLE, HAS BEEN STRETCHED
TO THE LIMIT, CONSTRAINING BOTH THE PACE AND BREADTH OF
ECONOMIC DEVELOPMENT.
CHINA'S BALANCE OF PAYMENTS HAS ALSO EXERTED A RESTRAINING
INFLUENCE.
THE INVESTMENT BOOM IN CHINA HAS CALLED FORTH MASSIVE
INCREASES IN IMPORTS OF FINISHED IRON AND STEEL, TOGETHER
WITH OTHER IMPORTED INTERMEDIATE PRODUCTS. CHINA'S RAPID
GROWTH IN CONSUMER DEMAND HAS PLACED FURTHER STRAINS ON ITS
BALANCE OF PAYMENTS. HIGH CONSUMER DEMAND ALSO HAS CONTRIBUTED
TO A 9 PER CENT INCREASE IN THE RETAIL PRICE INDEX IN 1985,
COMPARED WITH ABOUT 2 PER CENT THE PREVIOUS YEAR,
AUSTRALIA, TOO, HAS FACED IMBALANCES IN ITS EXTERNAL ACCOUNTS
WHICH ARE PLACING LIMITS ON SUSTAINABLE GROWTH IN DOMESTIC
DEMAND, AT LEAST FOR A TIME,
THE LARGEST PART OF AUSTRALIA'S DIFFICULTY WAS THE MANIFEST
UNCOMPETITIVENESS OF IMPORTANT AREAS OF OUR ECONOMY IN THE
PERIOD PRIOR TO THE DEPRECIATION OF OUR CURRENCY IN 1985.
RESTORATION OF OUR COMPETITIVENESS OVER THE PAST YEAR HAS
UNLEASHED POWERFUL FORCES TO REDRESS THOSE IMBALANCES,
HOWEVER, WE HAVE ENCOUNTERED A FURTHER DIFFICULTY STEMMING
FROM A SHARP DETERIORATION IN THE PRICES WHICH WE RECEIVE
FOR OUR EXPORTS COMPARED TO WHAT WE PAY FOR IMPORTS, THIS
IS A REFLECTION OF THE POOR PRICES AVAILABLE FOR MANY
COMMODITIES ON WORLD MARKETS AND HAS BEEN EXACERBATED
RECENTLY BY THE FALL IN CRUDE OIL PRICES.

OUR DOMESTIC ECONOMIC POLICY STANCE HAS NEEDED TO ADJUST TO
FACILITATE AN IMPROVEMENT IN OUR CURRENT ACCOUNT POSITION.
AFTER A PERIOD IN 1985 WHEN DEMAND WAS GROWING AT AN ANNUAL
RATE OF SEVEN PER CENT, AUSTRALIA IS NOW MAKING THE TRANSITION
TO A GROWTH RATE WHICH IS STILL H. IGH BY MOST STANDARDS, BUT
MORE COMPATIBLE WITH SUSTAINED GROWTH, As PART OF THIS
TRANSITION WE HAVE TAKEN STEPS TO EASE INFLATIONARY PRESSURES
AND TO SECURE THE MAXIMUM FEASIBLE SUSTAINED IMPROVEMENT IN
OUR -COMPETITIVENESS,
OUR EMPHASIS IS TO PROVIDE AN APPROPRIATE MACRO-ECONOMIC
ENVIRONMENT AND OTHERWISE TO SUPPORT OUR COMPETITIVENESS IN
OPEN WORLD TRADE BY POLICIES TO CONTAIN THE GROWTH OF OUR
DOMESTIC COSTS AND TO MAXIMISE PRODUCTIVITY. WE ESCHEW POLICY
ALTERNATIVES WHICH WOULD PLACE ADDITIONAL ARTIFICIAL RESTRAINTS
ON THE GROWTH OF TRADE.
A SIMILAR TRANSITION IS TAKING PLACE IN CHINA. MEASURES
ADOPTED BY THE CHINESE GOVERNMENT SINCE MID-1985 ARE
BEGINNING TO LOWER OVERALL ECONOMIC GROWTH AND TO EASE THE
STRAINS ON INFRASTRUCTURE AND ON PRODUCTION CAPACITY IN KEY
SECTORS. BUT CONSTRAINTS ON GROWTH WILL CONTINUE TO BE
IMPOSED IN THE NEAR FUTURE BY CHINA's BALANCE OF PAYMENTS
DIFFICULTIES. THE PROSPECTS OF A SUBSTANTIAL OVERALL IMPROVEMENT IN CHINA's
EXPORTS HAVE ALSO BEEN DAMAGED BY THE OIL PRICE DROP, WHICH
AFFECTS ABOUT ONE QUARTER OF CHINA'-S EXPORTS;' BY CONTINUED
SLUGGISHNESS IN WORLD DEMAND FOR COMMODITIES AND POOR PRICES;.
AN D BY SIGNS OF GROWING PROTECTIONISM AGAINST CHINA's TEXTILE,
CLOTHING AND FOOTWEAR PRODUCTS.
IT WAS AGAINST THE BACKGROUND OF THE REMARKABLE ACHIEVEMENTS
OF THE SIXTH FIVE YEAR PLAN, AND THE BOTTLENECKS ENCOUNTERED
ALONG THE WAY IN IMPLEMENTING THE PLAN, THAT THE SEVENTH
FIVE YEAR PLAN WAS DEVELOPED.

THE SEVENTH PLAN, UNVEILED BY PREMIER ZHAO IN MARCH, IS ONE
OF CONSOLIDATION ON THE SUCCESSES TO DATE AND OF THE
CONTINUATION OF STRONG, BUT MORE SUSTAINABLE ECONOMIC GROWTH
IN THE ORDER OF 7 TO 8 PER CENT PER ANNUM, OVER THE LIFE
OF THE PLAN GNP IS PROJECTED TO RISE BY 44 PER CENT, INVESTMENT
BY 70 PER CENT AND IMPORTS BY 40 PER CENT,
THERE IS CONCERN IN THE PLAN TO PROMOTE EXPORT GROWTH SO AS
TO HELP EASE THE CONSTRAINTS ON PROGRESS IMPOSED BY THE
PRESENT IMBALANCE IN CHINA'S EXTERNAL ACCOUNTS. UPGRADING
CHINA'S TRANSPORTATION SYSTEM IS A MAJOR PRIORITY IN THE
SEVENTH PLAN, TOGETHER WITH INCREASED DOMESTIC SUPPLY OF RAW
MATERIALS ESPECIALLY IRON AND STEEL, THE PLAN ENVISAGES
AN INCREASE OF AT LEAST 10 MILLION TONNES IN DOMESTIC OUTPUT
OF STEEL PRODUCTS BY 1990, FROM THE 46,6 MILLION TONNES
PRODUCED IN 1985. AUSTRALIA IS WELL PLACED TO SHARE IN THE
ASSOCIATED GROWTH IN CHINESE DEMAND FOR STEEL-MAKING INPUTS.
THE PLAN REQUIRES A SUBSTANTIAL BOOST IN CHINA'S DOMESTIC
ENERGY SUPPLIES. AND ECONOMIC AND SOCIAL REFORM ARE TO BE
UNDERPINNED BY IMPROVEMENTS IN THE ACCESSIBILITY AND QUALITY
OF EDUCATION, TOGETHER WITH THE DEVELOPMENT OF SCIENCE AND
TECHNOLOGY IN CHINA,
SIMILARLY THE AUSTRALIAN GOVERNMENT'S ECONOMIC POLICY APPROACH
WILL CONTINUE TO BE GROWTH-ORIENTED.
THE STABLE MACRO-ECONOMIC ENVIRONMENT THAT HAS BEEN CREATED
IN AUSTRALIA HAS ALLOWED THE GOVERNMENT TO BEGIN IMPLEMENTING
GROWTH-PROMOTING STRUCTURAL REFORMS. THESE REFORMS ARE
DESIGNED TO TURN THE ORIENTATION OF BUSINESS IN AUSTRALIA
AWAY FROM RELIANCE ON A SMALL, PROTECTED DOMESTIC MARKET AND
TOWARDS THE MUCH LARGER INTERNATIONAL MARKETS.

As ONE ELEMENT OF OUR APPROACH THE GOVERNMENT HAS ADOPTED
PROGRAMS FOR GRADUALLY REDUCING PROTECTION OF AUSTRALIAN
INDUSTRY, CONCENTRATING ESPECIALLY ON THE STEEL, MOTOR
VEHICLES AND TEXTILE, CLOTHING AND FOOTWEAR INDUSTRIES.
AT THE SAME TIME WE HAVE LIBERALISED OUR FINANCIAL MARKETS
IN ORDER TO FACILITATE INVESTMENT AND TO HELP ENSURE THAT
RESOURCES ARE CHANNELLED INTO THEIR MOST PRODUCTIVE USES.
WE HAVE BEGUN TO REDUCE BUSINESS REGULATION, WE HAVE REMOVED
THE EXPORT CONTROLS ON SOME PETROLEUM PRODUCTS AND WE HAVE
SIMPLIFIED AND RATIONALISED THE ADMINISTRATION OF SOME OF
OUR FOREIGN INVESTME-NT GUIDELINES
THE EMPHASIS OF OUR TWO COUNTRIES ON ECONOMIC AND SOCIAL
REFORM THROUGH GROWTH HAS PROVIDED OPPORTUNITIES FOR
COOPERATION BETWEEN US IN TRADE AND INVESTMENT. SINCE 1983,
TRADE BETWEEN CHINA AND AUSTRALIA NOT ONLY HAS GROWN STRONGLY,
THERE HAS BEEN ENCOURAGING DIVERSIFICATION IN THE PRODUCTS
BEING TRADED, AUSTRALIA NOW IS EXPORTING TO CHINA SIGNIFICANT
AMOUNTS OF IRON AR4D STEEL AND RELATED RAW MATERIALS ( A$ 337M
IN 1985, TREBLE THE AMOUNT IN 1983), NON-FERROUS METALS
( A$ 145M IN 1985 COMPARED WITH JUST A$ 35m IN 1983) j AND WOOL,
( A$ 282M IN 1985, ALMOST 2 TIMES THE 1983 LEVEL), TOGETHER
WITH A GROWING RANGE OF GOODS AND SERVICES EMBODYING
SPECIALIST TECHNOLOGY.
CHINA's EXPORTS To AUSTRALIA ARE-MORE MODEST, BUT THERE ARE
SIGNS OF AN INCREASINGLY VARIED RANGE OF MANUFACTURED CHINESE
PRODUCTS GAINING A FOOTHOLD IN AUSTRALIAN MARKETS,. OUR TWO-.*
WAY TRADE IS BEING FACILITATED BY THE ESTABLISHMENT OF CLOSER
FINANCIAL LINKS: THE BANK OF CHINA HAS NOW A BRANCH IN
AUSTRALIA, AND A NUMBER OF AUSTRALIAN BANK OFFICES HAVE BEEN.
SET UP IN CHINA,

COOPERATION BETWEEN CHINA AND AUSTRALIA ON THE INVESTMENT
FRONT HAS BEEN GATHERING MOMENTUM WITH THE ESTABLISHMENT
OF JOINT VENTURES IN CHINA IN SUCH DIVERSE INDUSTRIES AS
WHITEGOODS, FIRE-FIGHTING EQUIPMENT, FOOD PROCESSING, SOAP
MANUFACTURE, PRINTED CIRCUIT BOARDS AND OF COURSE, TEXTILES.
THERE HAS BEEN A RECIPROCAL INTEREST BY CHINA IN JOINT
VENTURES IN AUSTRALIA, MOST NOTABLY IN NATURAL RESOURCE
BASED INDUSTRIES. AND I SHOULD ALSO MENTION THE INCREASING
CULTURAL EXCHANGES AND TOURISM BETWEEN OUR TWO COUNTRIES.
WITHIN OUR GENERAL EMPHASIS ON OPEN TRADING RELATIONSHIPS,
THE AUSTRALIAN GOVERNMENT'S FRAMEWORK FOR STRENGTHENING THE
BILATERAL ECONOMIC RELATIONSHIP WITH CHINA HAS A PARTICULAR
FOCUS IN THE CHINA ACTION PLAN. THE PLAN SEEKS TO ENSURE
THAT GOVERNMENT-TO-GOVERNMENT MECHANISMS ARE IN PLACE TO
FACILITATE TRADE AND INVESTMENT BETWEEN OUR TWO COUNTRIES;
TO UNDERTAKE SPECIFIC MARKETING ACTIVITIES IN TARGETED
PROVINCES AND INDUSTRIAL SECTORS IN CHINA; AND TO ASSIST
CHINA IN UNDERSTANDING AND WORKING THE AUSTRALIAN MARKET.
THE FOUR SECTORAL INITIATIVES UNDER THE CHINA ACTION PLAN
IN IRON AND STEEL, NON-FERROUS METALS, WOOL AND TRANSPORT
HAVE PROVIDED THE BASIS FOR INCREASED TRADE, INVESTMENT
AND TECHNICAL COOPERATION BETWEEN CHINA AND AUSTRALIA.
I HAVE MENTIONED ALREADY SOME OF THE ACHIEVEMENTS OF THE
CHINA ACTION PLAN IN RELATION TO TRADE AND INVESTMENT.
TECHNICAL COOPERATION ALSO HAS BEEN PROCEEDING WELL. THIS
COOPERATION HAS BEEN AIMED AT PROVIDING NECESSARY EXPERTISE,
WHERE REQUIRED, AND AT HELPING TO IDENTIFY EMERGING AREAS
OF ECONOMIC COMPLEMENTARITY BETWEEN OUR TWO ECONOMIES.

THERE HAS BEEN A SERIES OF MISSIONS OR TECHNICAL EXCHANGES
UNDER EACH OF THE SECTORAL INITIATIVES. To QUOTE BUT A FEW
EXAMPLES: THE JOINT WORKING GROUP ESTABLISHED UNDER THE
NON-FERROUS METALS INITIATIVE HAS PROPOSED AN EXCHANGE OF
TECHNICAL MISSIONS STARTING WITH AN AUSTRALIAN MISSION TO
CHINA NEXT MONTH; THERE HAS ALSO BEEN A SERIES OF TECHNICAL
ASSESSMENT MISSIONS UNDER THE WOOL INITIATIVE THE MOST
RECENT BEING THE JOINT TECHNICAL WORKSHOP HERE IN BEIJING
IN APRIL OF THIS YEAR; AND AUSTRALIA HAS CONTRIBUTED BOTH
TECHNICAL EXPERTISE AND FINANCIAL SUPPORT TO THE FIRST STAGE
FEASIBILITY STUDY FOR XIAMEN PORT. WE LOOK FORWARD TO FURTHER
COOPERATION OF THIS KIND,
THE REFORMS WHICH HAVE BEEN SET IN TRAIN IN CHINA AND
AUSTRALIA, AND THOSE ENVISAGED UNDER CHINA'S SEVENTH FIVE
YEAR PLAN AND UNDER my GOVERNMENT'S INDUSTRY RESTRUCTURING
POLICIESi AUGUR WELL FOR OUR FUTURE TRADE AND INVESTMENT
RELATIONSHIPS. THE AUSTRALIAN GOVERNMENT TAKES VERY SERIOUSLY
AND ENDORSES THE SUGGESTION MADE By GENERAL-SECRETARY
Hu YAOBANGJ, IN RECENT DISCUSSIONS WITH THE SOUTH AUSTRALIAN
PREMIER, JOHN BANNON, TO DOUBLE THE VOLUME OF SINo-AUSTRALIAN
TRADE IN THE PERIOD OF THE SEVENTH FIVE YEAR PLAN.
CHINA IS IN A GOOD POSITION TO TAKE ADVANTAGE OF THE EXPECTED
GROWTH IN TRADE INTO AUSTRALIA OVER THE NEXT FEW YEARS.
THOUGH BOTH AUSTRALIA AND CHINA ACCEPT THAT. T. HERE IS LITTLE
POINT IN SEEKING TO ACHIEVE ABSOLUTE BALANCE IN OUR BILATERAL
TRADE, OF COURSE, WORK IS IN HAND TO HELP IDENTIFY PRODUCTS.
SUITABLE FOR CHINA TO EXPORT TO THE AUSTRALIAN MARKET,
TEXTILES, CLOTHING AND FOOTWEAR ARE OBVIOUS CANDIDATES.
FURTHER REDUCTIONS IN GOVERNMENT ASSISTANCE TO THE AUSTRALIAN
TEXTILE, CLOTHING AND FOOTWEAR INDUSTRIES WILL OCCUR OVER
THE NEXT TWO YEARS AS A RESULT OF MECHANISMS ALREADY IN PLACE,
WHEREBY MARKET GROWTH IS ALLOCATED TO IMPORTS. BEYOND 1988
A NEW SECTORAL PLAN FOR THESE INDUSTRIES WILL OPERATE, AND THE
GOVERNMENT HAS INDICATED THAT THIS PLAN WILL INVOLVE FURTHER
REDUCTIONS IN PROTECTION.

MODERNISATION OF THE CHINESE ECONOMY WILL PROVIDE OPPORTUNITIES
FOR THE EXPORT OF NEW PRODUCTS SUCH AS ELECTRONIC GOODS, OF
WHICH AUSTRALIA IS A LARGE IMPORTER.
THE SECTORAL PLAN IN PLACE FOR AUSTRALIA'S STEEL INDUSTRY* WILL
EXPIRE IN 1988. IT HAS BEEN HIGHLY SUCCESSFUL TO DATE IN
ENHANCING THE PRODUCTIVITY AND INTERNATIONAL COMPETITIVENESS
OF THE AUSTRALIAN IRON AND STEEL INDUSTRY. THE GOVERNMENT
WANTS TO SEE THIS COMPETITIVENESS MAINTAINED AND IMPROVED
BEYOND 1938. WE WILL WANT TO SEE THE IRON AND STEEL INDUSTRY
BECOMING MORE EXPORT ORIENTED,, AND WE WILL BE AIMING TO PUT
IN PLACE POLICIES WHICH ARE CONSISTENT WITH THE ACHIEVEMENT
OF THAT OBJECTIVE.
THESE ARE JUST A FEW EXAMPLES OF AREAS IN WHICH THE CHINAAUSTRALIA
BILATERAL ECONOMIC RELATIONSHIP COULD BE STRENGTHENED
IN THE COMING YEARS.
CHINA* AND AUSTRALIA NEED ALSO TO WORK TOGETHER IN ADDRESSING
COMMON PROBLEMS IN THE WORLD TRADING ENVIRONMENT. BOTH OUR
COUNTRIES ARE NET ENERGY EXPORTERS AND WILL HAVE TO ADJUST
TO LOWER WORLD OIL PRICES, IF THESE ARE SUSTAINED. THERE HAS
BEEN AN ALARMING GROWTH IN PROTECTIONISM AROUND THE WORLD.
AUSTRALIA, CHINA AND OTHER LIKE-MINDED COUNTRIES SHOULD WORK
TOGETHER IN SECURING IMPROVEMENTS IN THE EFFECTIVENESS OF
THE GENERAL AGREEMENT ON TRADE AND TARIFFS. AUSTRALIA SUPPORTS
CHINA'S INTEREST IN-GATT MEMBERSHIP AND IS PLEASED TO PROVID E,
UNDER A MEMORANDUM OF UNDERSTANDING SIGNED DURING THIS VISIT,
A. CONSULTANT TO FACILITATE THIS IMPORTANT STEP. WE LOOK
FORWARD TO JOINING WITH CHINA IN CONSTRUCTIVE PARTICIPATION
IN A NEW ROUND OF MULTILATERAL TRADE NEGOTIATIONS.
THE AIM OF OUR Two GOVERNMENTS IS TO PROVIDE A STABLE AND
SECURE FRAMEWORK OF LAW, POLICY AND PRINCIPLE WITHIN WHICH
ENTERPRISES FROM CHINA AND AUSTRALIA CAN TAKE FULL ADVANTAGE
OF THE SUBSTANTIAL OPPORTUNITIES FOR TRADE AND INVESTMENT
BOTH WAYS, TO OUR MUTUAL BENEFIT.

THE TASK CHINA HAS SET ITSELF IS A HUGE ONE, MR PREMIER,
WE IN AUSTRALIA WANT TO BE AS FULLY ASSOCIATED AS
POSSIBLE WITH YOU IN THIS EXCITING ENDEAVOUR WHICH I
SAY AGAIN IS OF FUNDAMENTAL IMPORTANCE NOT ONLY FOR
CHINA ITSELF BUT FOR THE REGION AND THE REST OF THE WORLD,
THERE WILL BE MANY FRUSTRATIONS AND TEMPORARY SETBACKS
ALONG THE WAY, AUSTRALIA AND CHINA MUST NOT BE DETERRED
FROM OUR SHARED GOALS BY SUCH TEMPORARY FRUSTRATIONS
AND SETBACKS.
FOR ITS PART, AUSTRALIA, A FIRM FRIEND OF CHINA IN THE
WESTERN PACIFIC REGION, WILL BE WORKING WITH CHINA
BOTH THROUGH TIMES OF DIFFICULTY AND WHEN THE STRATEGY
OF REFORM IN OUR COUNTRIES IS REAPING ITS FULL REWARD,

Transcript 6917