Medical Tariff reductions on many products, including pharmaceuticals and health technology, products pharmaceuticals Australian providers able to establish wholly Australian-owned hospitals and healthcare and aged care institutions in China Professional Improved market access for professional services, including services telecommunications, financial, construction, engineering, architectural and urban planning services Direction five: Supporting successful business engagement with China Victoria’s economy is transitioning to a more diversified industry base, bringing high value-added production and a stronger focus on services. To support economic growth during this transition and into the future, many Victorian businesses will need to focus internationally—selling the highest quality goods and services for which Victoria is renowned. Asia will undoubtedly continue to be our major consumer—the region is expected to produce half of the world’s total economic output by 2025 and China will be a major driver of this growth. Further, the historic China–Australia Free Trade Agreement and the e-commerce boom (China’s e-commerce sector recorded sales of more than half a trillion Australian dollars in 2014, a 50 per cent increase on the previous year) will provide unprecedented market access for businesses. But the Chinese market is competitive—China is the main export partner of 43 countries globally, and of many other sub-national jurisdictions, and is continuing to develop trade agreements with more partners. And despite our strong relationship, cultural and linguistic differences can pose a challenge for many businesses. It is therefore critical to equip Victorian businesses with the skills they need to successfully do business in the region and to seize specific opportunities. What are we currently doing?
Medical technology, pharmaceuticals and healthcare Tariff reductions on many products, including pharmaceuticals and health products Australian providers able to establish wholly Australian-owned hospitals and aged care institutions in China Professional services Improved market access for professional services, including telecommunications, financial, construction, engineering, architectural and urban planning services Direction five: Supporting successful business engagement with China Victoria’s economy is transitioning to a more diversified industry base, bringing high value-added production and a stronger focus on services. To support economic growth during this transition and into the future, many Victorian businesses will need to focus internationally—selling the highest quality goods and services for which Victoria is renowned. Asia will undoubtedly continue to be our major consumer—the region is expected to produce half of the world’s total economic output by 2025 and China will be a major driver of this growth. Further, the historic China–Australia Free Trade Agreement and the e-commerce boom (China’s e-commerce sector recorded sales of more than half a trillion Australian dollars in 2014, a 50 per cent increase on the previous year) will provide unprecedented market access for businesses. But the Chinese market is competitive—China is the main export partner of 43 countries globally, and of many other sub-national jurisdictions, and is continuing to develop trade agreements with more partners. And despite our strong relationship, cultural and linguistic differences can pose a challenge for many businesses. It is therefore critical to equip Victorian businesses with the skills they need to successfully do business in the region and to seize specific opportunities. What are we currently doing?
China_Strategy_-_English.docx