Australian business leaders are scheduled to meet with China’s foreign minister in Canberra, citing a lack of understanding of their country’s largest trading partner. They aim to gain insight into Beijing’s perspective on its relationship with Washington, which is deemed crucial for trade.
The Australia China Business Council (ACBC) will facilitate a private meeting between Wang Yi and 11 representatives from business, academia, and think tanks on Wednesday. This meeting coincides with the first visit by a Chinese foreign minister to Australia in seven years, according to David Olsson, the council’s national president.
This meeting follows the annual discussions with Australia’s Foreign Minister, Penny Wong, on Wednesday. “I look forward to a candid exchange of views on our shared interests, differences, and roles in maintaining a peaceful, stable, and secure region,” Wong stated in a Tuesday press release.
Olsson noted that businesses have felt excluded from government dialogues, which have been primarily focused on national security. The ACBC is hosting a meeting with Wang to gain a better understanding of China’s global outlook.
“We are eager to hear Wang Yi’s perspective on the U.S. relationship, as it is crucial for our comprehension of trade dynamics,” Olsson remarked.
The U.S. Inflation Reduction Act, aimed at reducing American reliance on China, has had broad repercussions for the global supply chain, affecting Australia, particularly in the clean energy and critical minerals sectors.
China is Australia’s largest trading partner, with trade heavily skewed towards Australian resources and energy exports. While China has invested in Australian mining ventures, some Chinese investments in critical minerals have been blocked by the Foreign Investment Review Board due to national security concerns.
