Chinese Investment in Australian Primary Industries Peter Drysdale Crawford School of Economics and Government, ANU ABARES Outlook Conference, Canberra,

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Presentation transcript:

Chinese Investment in Australian Primary Industries Peter Drysdale Crawford School of Economics and Government, ANU ABARES Outlook Conference, Canberra, 1 March 2011

2 Context commodities boom and shift in terms of trade rise of China and India: industrialization, trade, rapid growth in resource dependence scale of resource demand and investment: impact on economy and other sectors (like farming) growth of Chinese ODI: direct, indirect investment, other sectors: Japanese precedent policy response: state and customer ownership

3 FIRB approved Chinese investment (A$m) YearNumberAgricultureManufacturingMinerals and energy Real estateServices and tourism Total , , , , , ,761-05,3111, , ,254n.a.5926,395

4 Role of FDI in the primary sector integration and FDI in resource sector importance of FDI to industry strength China’s early, large investments in Australia drivers of Chinese FDI: competitiveness and security (eg. Chinalco; Sinosteel; Minmetals) drivers in China: security, diversification targets: agri-business; livestock; dairy; sugar farm sector gains from capital, market links early days: institutions, learning, sophistication real estate, land issues

5 Issues FDI by buyers of exports: transfer pricing? SOEs (resources) or ‘dragon head companies’ (agriculture): evolution of Chinese enterprise modest overall Chinese stake; growing rapidly US, UK, Japanese precedents and response China largest new global source of FDI Australia’s robust market institutions: FIRB two-way engagement by Australia and other partners; evolving institutions in China getting national policy strategies right