The benefits of trade with China to the average Australian has been confirmed with the launch of a landmark report by the Australia China Business Council (ACBC).

Corrs CEO and partner John W. H. Denton joined the ACBC to discuss the findings of the Benefits to Australian Households of Trade with China report, released in Melbourne today by the Federal Minister for Resources, Energy and Tourism and Minister for Small Business the Hon Gary Gray AO MP.

Trade with China now benefits ordinary Australian households by more than $14,480 in income equivalent, representing a major increase of 51 percent over the past five years.

China remains Australia’s largest trading partner, with Australians profiting from nearly $80 billion of exports in 2012. Around $46 billion worth of goods and services were imported.

Mr Denton, who advised the Federal Government in the development of its Australia in the Asian Century White Paper, said the news confirmed the major opportunity inherent in Asia, despite challenging global conditions.

“Australia’s strong bilateral relationship with China continues to both grow and change. The Chinese economy naturally complements Australia and with strong efficiencies in mining and resources we remain well placed to meet China’s energy and commodity demand. However we now have much more to offer. China is rapidly transitioning into a nation of consumers, and there are substantial opportunities emerging in areas such as agribusiness and services like education and tourism. These exciting advantages have been reflected in the Household Report, which also highlights the importance of removing excessive red tape and regulation to ensure Australia becomes known as a great place to do bilateral business.”

To read the full report click here.

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