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Australia plans to play an important role in the Belt and Road Initiative, which aims to connect Asia, Europe and Africa along five key routes. The initiative has already seen a mixture of agreements get under way for the Silk Road Economic Belt and 21st Century Maritime Silk Road development strategies.

Dr George Lam FCPA (Aust.), Honorary Fellow of CPA Australia, and Chairman - Indochina, Myanmar and Thailand, and Senior Adviser - Asia of Macquarie Infrastructure and Real Assets, Australia, as well as President of Hong Kong - ASEAN Economic Cooperation Foundation, believes that Hong Kong is in a good position to strengthen partnerships with China under its 13th Five-Year Plan and the Belt and Road Initiative.

Lam says strategic industries like agriculture, food, resources, education, healthcare, information technology, infrastructure, environmental protection, and clean energy show particular promise. “China aims to further upgrade the quality of the economy and its capacity to reach out to Belt and Road markets,” he explains.

In 2014, then Australian Prime Minister Tony Abbott and President Xi Jinping announced the China-Australia Free Trade Agreement (ChAFTA), which is set to grow trade and investment between the two countries. Australia already places a high priority on China, which is the country’s largest two-way trading partner for goods and services, valued at almost AU$160 billion (HK$893 billion) in 2013-14. It is also Australia’s largest goods export destination, and was valued at AU$100 billion in 2013-14.

This historic agreement between Australia and China, will support future economic growth, job creation and higher living standards through increased goods and services, trade, and investment for both nations. China has a growing middle class, so it is believed that ChAFTA is providing enormous opportunities for Chinese and Australian businesses.