China supports Australian businesses in China

cctv.com 10-24-2003 09:49

On the second day of his state visit to Australia, Chinese President Hu Jintao has given the local business community a strong and clear signal of China's commitment to develop closer trade ties with Australia. He said the Chinese government will support efforts by Australian companies to build up their business profile in China.

The business leaders from major Australian companies attending the meeting with the visiting Chinese president all have sizable business entities in China and are eager to do more business with the world's most rapidly developing economy.

Hu Jintao briefed the Australian business tycoons on the latest decision made by the Communist Party of China to improve the socialist market economic system and market order. He added that this move would certainly engender a more favorable environment for foreign investment.

The Chinese president said China is now actively engaged in the development of its vast western region and the old industrial bases in the northeastern provinces, and will welcome more Australian enterprises to invest in these regions.

The Australian government expects to announce a new economic cooperation agreement with China during President Hu's visit and initiate a study into a free-trade agreement, which will take 10 years to materialize.

China is Australia's third largest trading partner. Two-way trade has rocketed in recent years, thanks to the complementary nature of the two economies -- China exports manufactured goods and textiles while Australia supplies it with energy in the form of liquefied natural gas and coals, along with agricultural produce.

Hu Jintao will visit the capital Canberra on Friday where he is expected to sign a "comprehensive trade and economic framework" agreement with the Australian government. He will also address the joint session of Australia's federal parliament.

Editor:Zao  Source:CCTV.com