In addition, firb continues to control all direct investment, new trade proposals and the acquisition of land shares (including agricultural land) by Chinese state-owned enterprises, regardless of the size of the transaction. The ChAFTA does not change these rules in any way, which is consistent with the government`s practice in other free trade agreements. These enormous two-way opportunities between China and Australia need to be developed collaboratively, given the uncertainties in the global trading environment. The U.S. transition from a largely collaborative approach to China, since President Nixon began relations with China in the 1970s, has quickly and quickly become a more confrontational approach to contain China in one way or another. Moreover, the recent escalation of barriers to free trade is an undeniable attack on the traditional global supply chain, which will not be easy to repair. Faced with domestic and international challenges, China`s economy is rapidly changing structurally. This is reflected in the change in the share of exports in China`s GDP from 36% to 18% since 2007. However, despite the trade and technological war, we should all be extremely positive about demographic change, especially among the Chinese-led millennial generation in Asia. This millennial category of citizens born between 1980 and 1994 is now between 24 and 38 years old and is now entering the middle class, especially in China. There are 830 million Asian millennia, including 300 million Chinese millenials, compared to 66 million in the United States. The trends of China`s millennia will accelerate china`s current towards a service-oriented economy on the national territory, with the increase in technological progress. And one thing is obvious.
These structural adjustments in the nationalist agendas of the united States around the world, and by the emerging millennia, are likely to provide significant opportunities for foreign investors and companies in countries that are opting for an open, innovative and collaborative approach. Good luck in identifying and acting on these investment and trade opportunities. This is the year of the pig, so I really hope that this Fair in Henan will lead to greater prosperity for all. Thank you very much. ChAFTA will enhance trade and investment between countries by reducing barriers to labour mobility and improving temporary access to temporary access within the existing immigration and employment safeguards of each country. The China-Australia Free Trade Agreement (ChAFTA) came into force on December 20, 2015. Australian Trade and Investment Minister Andrew Robb, a signatory to ChAFTA, said: “This historic agreement with our largest trading partner will support future economic growth, job creation and a higher standard of living by increasing trade in goods and services and investment. China, with its 1.4 billion people and rapidly growing middle class, offers Australian businesses huge opportunities for the future. China is by far Australia`s largest market for energy resources and products. In 2013-14, Australia exported more than $90 billion in resources, energy and industrial products to China. Following the last entry into force of the agreement, on 20 December 2015, 92.9% of Chinese imports of these products from Australia are now duty-free, with most of the remaining duties being removed within four years.