Victoria’s Premier has taken a three-day trip to Beijing and the Jiangsu province to further strengthen the state’s relationship with China.
As part of the visit, the Premier will attend China’s Belt and Road Forum – the world’s largest economic development project – to increase trade and create jobs. There, he will meet key Chinese government officials and business leaders to discuss potential opportunities in delivering Victoria’s record pipeline of infrastructure investment.
Deepening long-standing relationships will also be a key part of the visit with the Premier travelling to Victoria’s sister-state, Jiangsu to mark the 40th anniversary of the partnership between the two states. Over four decades, Victoria and Jiangsu have worked together successfully in a range of sectors, including science, technology and innovation, creative arts, and education.
“The growth of trade between Victoria and China is a credit to both sides — we’ve worked hard to build trusting personal and economic relationships that are mutually beneficial, and we’ll continue to do so.” Mr Tim Dillon (pictured right), Commissioner for Victoria to China – Victoria’s China Strategy Progress Report 2018
Victoria’s China Strategy
In 2016 the Victorian Government set up four ambitious ten-year targets across trade, investment, visitors and students through the Partnerships for Prosperity, Victoria’s new China Strategy.The Strategy provided a forward plan to support economic growth in Victoria and in China, while deepening our understanding of each other’s people and culture.
So far, the Victorian Government has achieved:
- more than tripling Victoria’s share of Chinese investment to Australia from 8 per cent to 25 per cent, outstripping the 20 per cent target by eight years
- exceeding the state’s 10-year target for the number of Chinese post-graduate students in Victoria in two years
- boosting Victoria’s exports to China from $6.5 billion to $10 billion in two years
- increasing overnight spending by Chinese visitors to Victoria from $2.2 billion to $3.4 billion by 2026 – in 2018 overnight expenditure of Chinese visitors was valued at $2.7 billion, with a record 659,000 visitors
- securing a $2 million Asia Gateway Program providing Victorian companies support to increase their export capabilities with China and other key Asian markets.
Victoria’s Memorandum of Understanding on the Belt and Road Initiative
Victoria is the first and only Australian state to reach a Memorandum of Understanding (MoU) on the Belt and Road Initiative with the Chinese Government and marks an important step forward between China’s and Victoria’s relationship.
The MoU builds on Victoria’s already strong relationship with China, and will ensure we are best placed to capitalise on the investment opportunities possible through the Belt and Road initiative, meaning more trade, jobs and investment for Victoria.
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- China’s total goods and services imports have grown by 241 per cent from 2005 until 2017.
- The China-Australia Free Trade Agreement (ChAFTA) makes it easier for Victorian businesses to export to China.
- Food and fibre products account for 65 per cent of Victoria’s goods exports to China.
- In 2017, 30 per cent of international students who commenced their studies in Victoria came from China
- International education has seen a 38 per cent increase in enrolments in Victorian classes and courses from Chinese students from 2016 to 2018.
Want to know more about Victoria’s involvement with China’s Belt and Road Initiative?
Visit our regional insights page on China to learn more about China’s Belt and Road Initiative and how your business can get involved.