The Chinese International Import Expo which will run from 5 to 10 November 2018 in Shanghai will mark a change in China’s trade policy with immense implications for Victoria.
Announced at the May 2017 Belt and Road Forum in Beijing by President Xi Jinping, the Import Expo is the first step by the Chinese Government to shift its trade strategy from export promotion and trade surpluses to achieving “balanced trade” by importing hundreds of billions of dollars worth of goods and services over the next 10 years.
The Chinese Government also aims to reduce tariffs and streamline quarantine and customs processes. Victoria currently exports A$6.3 billion worth of goods to China and imports A$18.7 billion. Exports of Victorian services such as education and tourism to China are also substantial.
The Chinese Government’s new trade strategy aims to obtain high technology equipment to develop high technology industries and a sophisticated service sector in China, and to supply consumption goods and services such as food, tourism and education to meet the demands of China’s growing middle class. These are sectors where Victoria has strong existing exports and potential for growth.
International trade institutions and rules will be a topic of discussion at the Expo which will bring together trade ministers from many of the world’s major trading countries.
Chinese buyers, international exporters and national trade ministers are registering to attend the Expo. Austrade has announced that Australia will have a stand in the national pavilion, and that the Commonwealth Trade Minister will attend. The Expo will host an area for businesses and a separate pavilion for national stands. Victorian Government representatives will attend the Forum to support Victorian businesses looking to export goods and services to China.
Date: 5 to 10 November 2018
Venue: National Exhibition and Convention Center, Shanghai