Aged CareĬhina’s ageing population and underdeveloped aged-care sector represent a potentially big opportunity for Australian businesses. These provisions include working holiday visas for 5,000 young Chinese aimed at assisting Australian rural areas. These numbers appear likely to continue growing, particularly after the introduction of provisions in ChAFTA for easier visa access for Chinese visitors. More than 1.4 million Chinese visited Australia in the year ending September 2018 and were the largest source of tourism expenditures (AUD 10.9 billion) into the Australian economy. TourismĬhina is Australia’s second largest inbound tourist market (as measured by arrivals), and the largest when measured by tourism expenditure. In contrast, only 4,796 Australian students went to China to study in 2016. In 2018, there were 13,600 Chinese students enrolled in Australian schools. As levels of disposable income continue to increase in China, Chinese parents are increasingly choosing to send their children abroad for secondary education in preparation for foreign university. Over 153,000 of these were in higher education institutions, including universities, while 22,000 were in vocational education. In 2018, there were 255,364 Chinese students enrolled in Australian education institutions (including schools), representing 29 per cent of all international enrolments. Australian businesses should particularly consider some of the following sectors: EducationĬhina is Australia’s largest source of international students with the services export market worth AUD 11.7 billion in 2018. But opportunities outside the traditional export areas are booming. There is no reason to think that the resources sector won’t continue to dominate Australia’s trade relationship with China for a long time to come. Tariffs were removed on 85 per cent of Australian goods imported into China when the agreement was implemented, rising to 98 per cent once it is fully enforced. Australian agricultural produce exporters will also reap competitive benefits from a number of tariff reductions. The entry into force of the free trade agreement in 2015 was set to broaden and deepen the trade relationship. New service sector opportunities are already opening up, with Australian financial and legal firms now able to do business in China for the first time, and many other services industries permitted to set up wholly-owned Australian subsidiaries there. Australia’s main imports from China are manufactured goods, which were worth more than AUD 21 billion in 2018 and is led by telecommunication equipment, IT products, furniture and homewares. China is also the largest foreign buyer of Australian agriculture, forestry and fisheries products, with imports totalling around AUD 13.5 billion in 2017-18. Iron ore, gas and coal make up the bulk of Australian exports to China (more than AUD 79 billion), but Australian service industries – led by education and tourism – are a growing part of the trade relationship. In 2018, annual two-way trade between China and Australia reached almost AUD 215 billion.
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