Queensland Business Outlook: February 2018
What China needs, Queensland has
A Deloitte Access Economics review on the global, Australian and Queensland business environment.
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Highlights from Queensland Business Outlook China special edition
This year, it will be 46 years since Australia formally established diplomatic relations with China. Throughout these halcyon years, the economies of both countries have utterly transformed. Australia’s economy has evolved from one centred on the production of primary products, and a series of raw material booms, to one that is increasingly diversified and tellingly incorporates strong services offerings. Meanwhile, China has embraced sweeping economic reform, radically changing its dominant centrally controlled economy, towards a unique market-oriented planning economy. It has leapt forward to become the second largest economy in the world today.
The Queensland economy, through its deep ties with China, particularly in trade and investment, has greatly benefited from China’s growth. This edition of the Queensland Business Outlook looks at the recent achievements in the Queensland-China business landscape and explores opportunities for continued success. The key opportunities identified for Queensland because of China include energy and resources, tourism, agribusiness, international education as well as diversified services.
- High quality energy and resources - with the bulk of the rapid surge (55%) in the value of total merchandise exports to China from Queensland over the year to 2016-17 driven by coal and LNG.
- Safe, clean and ‘green’ agribusiness and food products - with the total value of food and live animals to China worth more than $725 million in 2016-17, well over 10 times higher than the value 10 years earlier.
- A unique tourism offering - China is now Queensland’s largest international visitor market (with almost 500,000 visitors for the year ending September 2017. Chinese tourists have driven the rapid surge in international visitor arrivals to Queensland (with double digit growth on average per annum recorded over the last decade).
- World class universities and education system – China is also the number one source market for international students, with a rapid 20% increase in the number of enrolments throughout 2016-17.
- A diversified services economy with China demanding a wide range of emerging export opportunities ranging from health and aged care services through to professional services.
Queensland Business Outlook: China special edition
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Queensland Business Outlook
Published: February 2018