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Embrace China relationship 'beyond trade': ANZ CEO
23/07/2012 - ANZ Bank chief executive Mike Smith has called for Australians to embrace a relationship with China that goes beyond trade, saying after the mining boom the Chinese economy will grow for many decades. Peter Trute
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Smith told an Australia China Business Council function in Sydney that while China was now Australia's biggest trading partner and largest source of university students and tourists, most Australians were challenged by the evolution of the relationship with China from an economic-based one to one based more on "people connections".
"My own observation is that, over the last decade during the most dramatic phase of Chinese urbanisation and industrialisation ... we haven't been as active as we might have been in taking an over-arching view of the Australia-China relationship and its long-term health," Smith said.
Smith said that, with the "shockwave that marked the onset of the resources boom" now passed, it was clear that the growth of the Chinese economy would endure for "many decades".
Beyond the demand for minerals, energy and agricultural commodities, Australia's relationship with China was now also about the movement of people, he said, in the form of skilled migrants, students and tourists.
Australia also has large capital requirements while, globally, capital was "an increasingly scarce commodity".
He said the Australian government needed to develop a clear policy framework to respond to the rise of China in the "Asian century" and warned that concerns about foreign investment could be given disproportionate attention.
Such a framework would be critical to fostering public support and acceptance of Australia's place in Asia, he said.
Smith also dismissed speculation that he might leave ANZ to become CEO of UK bank Barclays, where CEO Bob Diamond quit after revelations bank staff sought to manipulate the Libor global interest rate benchmark.
Smith said his job of creating "a super-regional bank" at ANZ was not done.
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Lou Furbadamo | 24/07/2012 10:18 1
Well! it seems these put Australia second on your preference card spruikers & advisers are coming out of the woodwork in droves now? For the pecuniary educated, the more devious the premise & allegiance, the more they hide intentions and loyalties & the more sophisticated and vague the language. Contrasting my objective, sincere approach to simply ask: What does “most Australians were challenged by the evolution of the relationship with China” mean? Who’s retarded or handicapped? or. Does it mean that after perceived, if not overwhelming, extraordinary purchase, investment and control of substantial Australian resource & farming assets and interests. Doodling Australians now fear loosing control and being taken over & dominated by the much smarter and faster breeding efficient Chinese? Are a majority of our people in favour of this, as this article would sympathise? If so, so be it! But I think not, because there’s instinctive concern for self preservation & the risk of loosing our strong western identity. Further, does “from an economic-based one to one based more on people connections” mean that after having established strong controlling positions materialistically & economically, they now want to complement and consolidate that, with apparent population overrun and dominance? Will the typical futuristic Australian be of predominant Chino-Indian genetic extraction, rather than the “fading Anglo Saxon & European”? Surely this strategic, melting pot trend is reinforced by the comment “Australia's relationship with China was now also about the movement of people”! And they’ve endless supply. Witnessed by the meteoric rise in Mandarin to surpass all other ethnic languages in Australia, second only to English, for now! Arguably in any other species, no matter how efficient or superior, over domination and takeover infestation deems the offender environmentally Noxious? Why shouldn’t we suspect that “concerns about foreign investment (etc.) could be given disproportionate attention” when the mounting evidence is as clear as the nose on your face and Chinese writing on the wall? The problem for this article, is that given human nature, coupled with the initial seemingly opportunistic, stealth onslaught of the current “China-isation” of Australasia and continuing exploitation of our lame government’s open door immigration policy. Any conciliatory or sympathiser phrasing vagueness, defaults to the worst possible, negative, fearful & distrusting, treacherous scenario. A “foreign takeover of Oz.” without a shot being fired? Ah! The Anzacs will be glad that no one was killed in this war! But hurt? Too bad the current selfish, dopey wave of Aussie commanders, have an even more hopeless take on this threat to national sovereignty, than that at Gallipoli! Numerous articles acknowledge, even successfully rave and pander the rise and dominance of China in the "Asian century", as if to take “suc’cumber’s credit” for their success & supremacy. Too bad, that thanks to successive clueless Australian Governments, it’s unlikely to rightfully be an “Australian Century”. But, as I’ve often cynically asked without adequate response “ What innate assets or unsurmountable advantage does China. have, to mandatorily dictate a “China Century” and not a “True Blue Aussie Century”? Why is it that the largest Communist country on earth, is now the principle banker to the struggling Capitalist system? There is no mystery! Look at how effectively & efficiently they operate. Presumably this article’s faux pax of “Such a framework would be critical to fostering public support and acceptance of Australia's place in Asia” should read “China’s place in Australia” or perhaps “Australia as a China satellite”? But Oh! Such expert vagary, dressed as good advice to bank on! Somehow, I won’t be doing that in an “anz” one! Interestingly, all this potentially parting go
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