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Report of the House of Representatives Standing Committee on Economics Delegation to China

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Report of the House of Representatives Standing Committee on Economics Delegation to China Parliament of Australia Report of the House of Representatives Standing Committee on Economics Delegation to China 28 July to 6 August 2014 © Commonwealth of Australia 2014 ISBN 978-1-74366-196-3 Printed version 978-1-74366-197-0 HTML version This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Australia License. The details of this licence are available on the Creative Commons website: http://creativecommons.org/licenses/by-nc-nd/3.0/au/. ii Members of the Committee Ms Kelly O’Dwyer MP, Chair Hon Ed Husic MP, Deputy Chair Mr Scott Buchholz MP Dr Jim Chalmers MP Mr David Coleman MP Mr Pat Conroy MP Dr Peter Hendy MP Mr Kevin Hogan MP Mr Craig Kelly MP Mr Clive Palmer MP Members of the Delegation Ms Kelly O’Dwyer MP Leader of the Delegation Mr Pat Conroy MP Deputy Leader of the Delegation Mr Scott Buchholz MP Dr Peter Hendy MP Mr Peter Banson Delegation Secretary iii Table of Contents Members of the Committee ................................................................... iii Abbreviations .......................................................................................... v Chapter 1 – Introduction ......................................................................... 1 Background ........................................................................................... 1 Context for the Committee’s visit ......................................................... 2 China’s economy ............................................................................ 2 The Committee’s current inquiry ................................................... 2 Chapter 2 – The Delegation’s discussions ............................................... 4 Economic reform in China ..................................................................... 4 Banking and non-bank finance sectors.................................................. 5 Shadow banking ............................................................................. 5 Chinese investment in Australia ............................................................ 6 State-owned enterprise reform ............................................................ 7 Free trade negotiations......................................................................... 8 Environmental policy in China ............................................................... 9 Urban development in Chengdu ........................................................... 9 Shanghai Pilot Free Trade Zone........................................................... 10 Conclusion .......................................................................................... 11 Appendix A – Program of meetings ..................................................... 12 iv Abbreviations CBRC China Banking Regulatory Commission CDB China Development Bank CIRC China Insurance Regulatory Commission CSRC China Securities Regulatory Commission FIRB Foreign Investment Review Board FTA Free trade agreement GDP Gross domestic product ISDS Investor-state dispute settlement PBOC People's Bank of China RMB Renminbi SMEs Small to medium sized enterprises SOEs State-owned enterprises v Chapter 1 Introduction Background delegation’s aims, allowing delegates to Since 2011, an annual parliamentary gain a substantial insight into committee visit to China has been developments across China and issues included in the official outgoing being faced in individual provinces, and delegation program of the a better understanding of where Commonwealth Parliament. The visit opportunities exist to strengthen rotates each year between House of Australia’s relationship with China. Representatives, Senate and Joint Committees, and this year the House of The delegation felt very welcome in Representatives Standing Committee every region of China it visited, and was on Economics nominated and was warmly received by parliamentarians selected to undertake the visit. and Government officials, business representatives and academics. It was The intention of the annual visits is to clear that Australia is held in high strengthen the parliamentary and regard in China, and the delegation bilateral links between Australia and found good opportunities to build on China, and to fulfil a commitment in the the strong bilateral relationship memorandum of understanding between our two countries. between the Australian Parliament and the Chinese National People’s Congress The delegation wishes to record its to seek broader contacts through appreciation of the work that went into committee visits. preparing for the visit, including the briefings provided by the Department The main aims of the Economics of Foreign Affairs and Trade and the Committee in undertaking the visit various arrangements made by the were to gain a deeper understanding of International and Parliamentary the Chinese economy, and to learn Relations Office of the Department of about China’s economic reform agenda, the House of Representatives. The its banking and non-bank lending delegation would also like to thank sectors, its trade and investment Australia’s Embassy in Beijing, and relationship with Australia, and where Consulates in Chengdu and Shanghai for opportunities might exist to strengthen their work in developing the programs ties between our two countries. and the excellent support and Discussions also extended to areas hospitality provided during the visit. including health, education, environmental policy, social This report outlines the matters development and security. discussed and places visited with a broad focus on China’s economy and The delegation visited the cities of reform agenda and in the context of Beijing, Chengdu and Shanghai. The Australia’s trade and investment program of activities in each city was relationship with China. The program of well-targeted and relevant to the meetings is included as an appendix to the report. Context for the Committee’s visit authorities in some cities to loosen property restrictions in an effort to China’s economy tempt buyers back into the market. If Following a remarkable period of the market continues to soften, growth over recent decades, China is expectations are that this could lead to targeting gross domestic product (GDP) a drop in GDP growth and have impacts growth of 7.5% in 2014, which follows across the economy, particularly in 7.7% in 2012 and 2013. This target areas such as construction and steel represents China’s plans to rebalance production, and public infrastructure its economy towards a more investment. sustainable market based system, consumption-driven and open to trade. Other aspects of China’s economy currently attracting interest, particularly China’s 12th Five-Year Plan, endorsed in in the context of its economic reform 2011 and in place until 2015, agenda, include the shadow banking emphasises higher quality and inclusive sector and State-owned enterprises growth, as China attempts to solve (SOEs), both of which are discussed in issues of poverty and increasing wealth more detail later in this report. disparity among its citizens. The Plan prioritises the following seven The Committee’s current inquiry industries, with the aim of increasing The House of Representatives Standing their contributions to GDP from 2% to Committee on Economics is currently 8% by 2015: undertaking an inquiry into Australia's 1. new energy foreign investment policy as it applies 2. energy conservation and to residential real estate, which was environmental protection referred to the Committee by the 3. biotechnology Treasurer on 19 March 2014. 4. new materials 5. new IT While the inquiry is not focused on 6. high-end equipment manufacturing investments coming from any particular 7. clean energy vehicles. country, questions have been raised by submitters, witnesses and China is currently the world’s second- commentators about the level of largest economy, largest holder of investment by Chinese individuals and foreign exchange reserves, largest enterprises in Australian residential real manufacturer, and second-largest estate. destination for foreign direct investment. The ways in which Chinese investors may be obtaining funding to purchase However, the country is facing some property in Australia has also been serious economic problems. Debt levels queried, particularly in terms of the in China have been rising rapidly, with sustainability of China’s so-called the credit to GDP ratio currently at ‘shadow banking’ sector. The lack of around 210%, raising concerns for transparency within the non-bank investors and leading to speculation financing industry in China has fueled about a credit crisis. In addition, speculation that poor asset quality in housing prices in China have been shadow banking entities could not only falling over recent months, leading local 2 lead to a financial crisis in China but could also cause problems for countries with exposure to Chinese foreign investment. In this context, the Committee was interested in utilising its visit to China to gain a better understanding of China’s banking system and lending processes, including those within the ‘shadow’ financing industry. 3 Chapter 2 The Delegation’s discussions Economic reform in China 6. opening up of financial system At the Third Plenum of the 18th Chinese 7. political reform Communist Party Congress, a package 8. legal reform of reforms were endorsed which were 9. anti-corruption aimed at reforming China’s economy 10. culture management over the coming years. The reforms 11. welfare reform include opening the financial sector
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