Over half of Chinese companies in Australia profitable in 2023: CCPIT report
Published: Mar 29, 2024 03:53 PM
China Australia File photo

China Australia File photo

Chinese companies that have operations in Australia reported steady growth in 2023, with 57.5 percent of firms surveyed saying they made a profit last year. Meanwhile, they called on the Australian government to provide a sound business environment for foreign companies and ensure fair competition, according to a report by the China Council for the Promotion of International Trade (CCPIT) published on Friday.

China and Australia's economies are highly complementary, and share great potential. Australia is an important overseas market for Chinese companies, Yang Fan, a spokesperson for the CCPIT, said at a press conference in Beijing on Friday.

A report conducted by the council showed that the operations of Chinese-funded enterprises in Australia showed steady growth in 2023, with 57.5 percent of the companies surveyed saying that they had reported a profit, Yang said. Meanwhile, about 45.4 percent of the surveyed companies said that they plan to expand their business presence in Australia.

Over recent years, Australia has rolled out a series of policies in terms of industrial innovation and digital capability, which contributed to the improvement of Australia's business environment. In the survey, 37.6 percent of Chinese companies said Australia's business environment is relatedly good, according to the report.

Chinese companies said that they expect the Australian government to enhance the fairness of rules of standards in areas including market entry of foreign enterprises, anti-monopoly and cyber security, and lower the entry threshold and compliance cost for foreign enterprises, it said.

In addition, they also called on the Australian government to improve access for foreign investment, and use trade remedy tools reasonably to build a sound business environment for foreign enterprises, said the report.

With 2024 marking the 10th anniversary of the establishment of the comprehensive strategic partnership between China-New Zealand and China-Australia, the CCPIT plans to organize entrepreneurs to visit the two countries to promote trade and investment activities, Yang said.

China's Ministry of Commerce (MOFCOM) announced on Thursday a decision to cancel anti-dumping and anti-subsidy tariffs levied on Australian wine, effective on Friday.

Since taking office in 2022, the Albanese government has remedied its predecessor's irrational anti-China policies, prompting a positive response from the Chinese side. Hence, bilateral ties have gradually bottomed out and stabilized.

During Chinese Foreign Minister Wang Yi's latest visit to Canberra, he said the two sides should build on the sound momentum of bilateral relations, "work together for the future," and take a more active attitude to jointly build a more mature, stable and fruitful comprehensive strategic partnership.

"Independence should also be an important principle of Australia's foreign policy. The development of China-Australia relations does not target any third party, nor should it be influenced or disturbed by any third party," Wang said.

Global Times