With the value of Australian wine exports to China rapidly approaching $1 billion per year, it is no small mystery thousands of Australian businesses are clamouring to capitalise on the exponential growth in demand.
China-owned construction giant CIMIC Group has notched up two big contract wins, with its John Holland and CPB Contractors subsidiaries selected to build a $6.7 billion road project in Victoria, and its UGL named to build a 270MW solar farm project in Queensland.
Chinese food and beverage manufacturing business Bojun Agriculture Holdings says it is well-placed to capitalise on a growing Chinese market for fruit-based snacks and beverages, after listing on the Australian Securities Exchange.
Cuts to Chinese import tariffs on a wide range of consumer goods, including baby formula, whiskey, pharmaceuticals and health supplements, have come into effect, with the move designed to encourage consumers to spend more at home than abroad.
Bankwest is sharpening its focus on Western Australia’s Asian migrant community, launching an initiative to provide a full suite of banking services to high-net-worth individuals, small businesses and large corporates with an Asian background.
Chinese consumers have an insatiable appetite for premium live seafood products, such as lobsters, deep sea crabs and abalone, but Australian exporters face growing competition as other countries flood the market with cheaper alternatives.
A five-year plan to encourage foreign investment is paying dividends for Western Australia’s Chinese sister state Zhejiang Province, with more than ¥500 billion ($99.6 billion) of offshore investment occurring since early 2013.
Australian retailers are gearing up to cash in on the world’s largest retail event, with consumers expected to shell out more than $US20 billion ($26 billion) on China’s Singles Day, also known as the 11.11 Global Shopping Festival.