The Hon. David Ridgway MLC, Minister for Trade, Tourism and Investment,
Ladies and gentlemen,
Good afternoon.
It's quite a pleasure for me to attend this forum.
This year marks the 40th anniversary of China's reform and opening-up, which has not only profoundly changed the country but also positively influenced the whole world. Today, China has grown into the world's second largest economy, the largest industrial producer, the largest trader of goods, and the holder of the largest foreign exchange reserves. The Chinese people have emerged from a life of shortages and poverty and are now enjoying abundant supply and a moderately prosperous life. We are very clear that China remains the largest developing country, while over the last four decades, China has made opening-up a fundamental national policy. From "bringing in" to "going global", from WTO accession to the Belt and Road Initiative, China has made significant contributions to mitigating the Asian and the global financial crises. Contributing over 30% of global growth in recent years, China has also become a key anchor and driver for the world economy.
The rapid development of China's economy presents opportunities to Australia and other countries. Against this backdrop, the economic and trade cooperation between China and South Australia have leapt forward.
South Australia is abundant in agricultural, tourism and mineral resources and well-developed in the education and the science and technology sectors. So the two sides enjoy strong complementarity for mutual development. China highly values its practical cooperation with South Australia. At the moment, the bilateral trade accounts for 20% of South Australia's trade in total. And China has remained as the largest trading partner, largest export destination, largest source of imports as well as the leading market of international students for South Australia for years in a row. South Australia's products, especially its iron ore, agricultural produce and wines are well appreciated by the Chinese market. We have also witnessed an increasing number of Chinese tourists visiting and students studying in South Australia, and an increasing number of Chinese enterprises bringing their investments to this State. The ever stronger economic and trade ties between China and South Australia has brought tangible benefits to both peoples and fuelled the steady growth of our economies.
China is a huge market with its door open wide. While the economic globalization is experiencing some headwinds, the multilateral trade regime being challenged and protectionism on the rise, China has made clear to the world its firm resolve to expand opening-up and its strong commitment to globalization and trade liberalization. President Xi stated China's principled stand on economic globalization and expressed China's resolve to be its firm supporter on several major international occasions such as the World Economic Forum in Davos, the Belt and Road Forum for International Cooperation and G20 Summit.
It's rarely the case in the world that a developing country like China chooses to hold an import-themed expo - China International Import Expo. The expo will not only provide new opportunities for countries to expand export to China, but also create a platform for countries to engage in international trade and share business opportunities with each other. It represents China's sincere wish to open its market to the world, and shows China's active role as a major power in undertaking the responsibility of pushing forward economic globalization, which has won much acclaim and positive responses from the world community.
China's development is an opportunity for the world, and for the common development of our two countries. China welcomes countries around the world aboard the express train of China's development. Products and services with strengths, characteristics, and competitiveness are also welcomed to enter China's vast market with a population of more than 1.3 billion. In the next five years, China is expected to import products and services worth more than ten trillion dollars. By holding this import expo, we hope to keep promoting trade liberalization and facilitation, work together to make the cake of global trade much bigger, give play to the leading role of economic and trade cooperation on the Belt and Road Initiative, make good use of the driving role of international trade on the growth of world economy, make economic globalization more open, inclusive, balanced and beneficial to all, and to make contributions to a more vigorous, inclusive and sustainable economic globalization.
Thank you.