Australian PM urges country to match China's economic transition

Australia should "redouble its efforts" to match China's rapid diversifying economy in order to grab future economic opportunities, Prime Minister Malcolm Turnbull said on Wednesday.

In the remarks during the opening of the Australia China Business Council (ACBC)'s annual Canberra Networking Day, Turnbull said China is undergoing the economic transition from an investment-driven economy to an economy led by consumption.

Derailed by the Global Financial Crisis, China's transition faces big challenges as reform and structural change is never easy.

However, he noted that Australia has "a huge stake in the success of China's economic transition because it will generate enormous opportunities".

"That's why we need to redouble our efforts to match China's rapidly diversifying economy."

He pointed out that the China-Australia Free Trade Agreement (ChAFTA), officially signed and entered into force last year, is an important step to take advantage of the economic opportunities China's transition offers.

He gave examples to elaborate on the benefit ChAFTA brings to local beef and dairy exports, lobster farmers, wine producers and the service sector, including lawyers, architects, engineers, aged and health care providers.

"Two-way trade reached an extraordinary 150 billion AU dollars (108 billion U.S. dollars) last financial year, despite falling export prices," he said. Enditem