Rio Tinto meets Panel November 2007 The Rio Tinto China Panel, chaired by Rio Tinto Iron ore Chief executive Sam Walsh, met in Beijing in October. The meeting was followed by a dinner with Geoff Raby, Australian Ambassador to China. CHINABRIEFING Rio Tinto CEO meets President Hu Jintao Rio Tinto Chief executive, Mr Tom Albanese, met the President of China, His Excellency Hu Jintao, at a private dinner in Canberra hosted by the Governor General of , His Excellency Major General Michael Jeffrey AC CVO MC. President Hu Jintao and Rio Tinto Chief executive Tom Albanese Mr Albanese and President Hu were in meet during the APEC meetings Australia in September for the APEC Leaders meeting in Sydney, hosted by Prime Minister John Howard. On his way to APEC Chinese President Hu Jintao stopped in to visit Rio Tinto’s HISmelt facility in Kwinana, where he met Mr Sam Walsh, Chief executive, Iron ore. President Hu visits HISmelt Chinese President Hu Jintao meets Rio Tinto Iron ore Chief executive Sam Walsh

The Rio Tinto China Panel: Professor Shaoguang Wang (Chinese University of Hong Kong); Australian Ambassador to China H.E. Dr Geoff Raby; Professor Ross Garnaut (Australian National University); Professor Ken Lieberthal (University of Michigan), Sam Walsh (Chief executive Rio Tinto Iron ore); Vivek Tulpule (Chief economist Rio Tinto); Professor Yiping Huang (Rio Tinto Chair in the Chinese Economy)

centre of what may turn out to be a 5 per cent, many Chinese policymakers Mature Chinese ‘Platinum Age’ of global economic growth. reportedly feel the economy is experiencing optimal economic conditions. The Partnership growth and the The ‘Global Platinum Age’ is a reference to Launched in April 2005, the Partnership between Rio Tinto political developments in China and to identify strategic the work of esteemed economic historian, Garnaut and Huang acknowledge a and the Australian National University seeks to provide an issues and trends which might impact world markets for “Platinum Age” Angus Maddison, who identified the China led “Platinum Age” is not inevitable. independent perspective on emerging economic, social and metals and minerals. period from 1950-73 as a “Golden Age” There are several risks to continued Several years ago there was a near of global economic growth: the period saw growth. The two greatest challenges consensus view that China’s investment the most rapid sustained global growth come from: rate was too high and that its reduction in the history of humanity, averaging 1. The strain on China’s external relations would require a fall in China’s rate of 4.9 per cent per year for 23 years. Global For further information contact: (particularly with the US), and economic growth. But the Chinese growth looks set to exceed 5 per cent in Dominic Meagher Steven Macmillan CHINABRIEFING economy has defied consensus wisdom. 2007 for the fourth successive year. 2. The stress on the global biosphere. Partnership Manager Government & Corporate According to Professors Ross Garnaut With GDP growth still above 10 per cent To a significant degree, these are both RIO TINTO – ANU CHINA PARTNERSHIP The Australian National University Relations Adviser and Yiping Huang, China is now at the and core CPI inflation1 well below ‘hazards of success’. Telephone +61 (0) 2 6125 3831 Rio Tinto The Australian National University Facsimile +61 (0) 2 6125 0767 Telephone +61 (0) 3 9283 3610 Telephone: +61 (2) 6125 3831 www.crawford.anu.edu.au/research_units/china/rio.php 1 Core inflation excludes food prices, which have become the main driver of headline inflation [email protected] Facsimile +61 (0) 3 9283 3216 Email: [email protected] [email protected] China Briefing is a six-monthly newsletter for senior managers in Rio Tinto. The newsletter is a product of the partnership between Rio Tinto and The Australian National University (ANU) in Canberra. This and future editions will examine economic, political and social trends in China that are important to Rio Tinto.

4. CHINABRIEFING Rio Tinto – ANU China Partnership Rio Tinto Chair in the Markets Asia, based in Hong Kong. Professor Huang will have a direct role in briefing Rio Tinto and will be jointly responsible Chinese Economy appointed for developing the research agenda of the Rio Tinto China The Rio Tinto – ANU China Partnership is pleased to announce Advisory Panel. the appointment of Professor Yiping Huang to the position of Rio Prior to taking up his position with Citi, Professor Huang was Tinto Chair in the Chinese Economy. Professor Huang is a globally Director of the China Economy Program at the Australian recognised expert in the Chinese economy. National University in Canberra. Professor Huang has a record Professor Huang will carry out his role on a part-time basis while of eminent scholarly research and publications. maintaining his position as chief Asia economist for Citi Global

The ANU’s annual compilation of research on the Chinese economy, supported by the Rio Tinto ANU China Partnership

Professor Yiping Huang

His Excellency Zhang Junsai, Chinese Ambassador to Australia, Dominic Meagher China’s Demand for Energy: launching ‘China: Linking Markets for Growth’ What it means for the world The IEA predicts that China will – from now until 2030 – account for Rio Tinto – ANU China Partnership The launch was followed by the ANU’s Annual ‘China Update’ The global demand for energy has shown a sustained and rapid Conference. The ‘China Update’ Conference has become the increase during the past four decades. This has helped fuel global 40 per cent of the growth of global book launch premier Australian forum for in-depth analysis of the latest economic growth but has also placed considerable pressure on annual carbon dioxide emissions. In July the Chinese Ambassador to Australia, His Excellency developments in the Chinese economy. the sustainability of energy supplies, on the security of energy Depending on growth rates, these importing countries and on the global environment. Zhang Junsai, launched the ANU publication: China: Linking estimates could prove conservative. Markets for Growth. The book is a joint publication by the Given the surge in China’s demand for energy in recent years, Asia Pacific Press (Canberra) and the Social Sciences Rio Tinto ANU Partnership appoints many are considering the long-term implications of China’s energy Academic Press (Beijing). a new manager demand for global energy supply, as well as for the environment. China’s prosperity carries environmental consequences. If Garnaut and Song’s prediction of a China-driven global ‘Platinum Age’ The annual publication of a book of China-related research Dominic Meagher commenced as the Partnership Manager Under the auspices of the Rio Tinto ANU China Partnership, (see article page 1) is accurate, then predict China’s energy from the ANU’s China Economy and Business program is for the Rio Tinto – ANU China Partnership in June this year. academics Ligang Song and Yu Sheng have analysed China’s demand may triple over the next 15 to 20 years. The impact on supported by the Rio Tinto ANU China Partnership. In addition to secretariat and managerial duties, Dominic future energy demand. Their research suggests a new and the global biosphere of such an increase has yet to be considered. will provide research assistance to the Crawford School increased urgency behind questions of global energy supply. At the book launch His Excellency Zhang Junsai spoke on The IEA predicts that China will – from now until 2030 – account members of the Rio Tinto China Advisory Panel. the strengthening bilateral relationship between Australia To meet fast growing demand, China has been intensifying for 40 per cent of the growth of global annual carbon dioxide and China, and the emergence of China as a global power. Dominic holds a bachelor’s degree with honors in production of all types of energy by increasing investment in energy emissions. Unless action is taken to address climate change Mr Peter Grey, Deputy Secretary of the Department of International Relations and History from the University of production. However, China will also require more energy imports. and there is some decoupling of greenhouse gas emissions from wealth creation, then global growth could falter. Foreign Affairs and Trade, also spoke on the growing New South Wales and a Master’s degree in International Significantly, for the first time in recent decades, China became strategic importance of the relationship. For a copy of the and Development Economics from the Australian National a net importer of coal during the first quarter of 2007. Over time, In this context, China’s environmental challenges will be a book, contact Dominic Meagher, Partnership Manager, University. He will begin a PhD on the Chinese economy a further increase in Chinese energy imports from the global key research focus of the Rio Tinto - ANU China Partnership [email protected] in 2008 at the Crawford School, ANU. market could generate much greater pressure on energy supplies over the coming year. and, consequently, on prices – especially for fossil fuels – in China and the world.

2. CHINABRIEFING Rio Tinto – ANU China Partnership Rio Tinto – ANU China Partnership CHINABRIEFING 3. Rio Tinto Chair in the Markets Asia, based in Hong Kong. Professor Huang will have a direct role in briefing Rio Tinto and will be jointly responsible Chinese Economy appointed for developing the research agenda of the Rio Tinto China The Rio Tinto – ANU China Partnership is pleased to announce Advisory Panel. the appointment of Professor Yiping Huang to the position of Rio Prior to taking up his position with Citi, Professor Huang was Tinto Chair in the Chinese Economy. Professor Huang is a globally Director of the China Economy Program at the Australian recognised expert in the Chinese economy. National University in Canberra. Professor Huang has a record Professor Huang will carry out his role on a part-time basis while of eminent scholarly research and publications. maintaining his position as chief Asia economist for Citi Global

The ANU’s annual compilation of research on the Chinese economy, supported by the Rio Tinto ANU China Partnership

Professor Yiping Huang

His Excellency Zhang Junsai, Chinese Ambassador to Australia, Dominic Meagher China’s Demand for Energy: launching ‘China: Linking Markets for Growth’ What it means for the world The IEA predicts that China will – from now until 2030 – account for Rio Tinto – ANU China Partnership The launch was followed by the ANU’s Annual ‘China Update’ The global demand for energy has shown a sustained and rapid Conference. The ‘China Update’ Conference has become the increase during the past four decades. This has helped fuel global 40 per cent of the growth of global book launch premier Australian forum for in-depth analysis of the latest economic growth but has also placed considerable pressure on annual carbon dioxide emissions. In July the Chinese Ambassador to Australia, His Excellency developments in the Chinese economy. the sustainability of energy supplies, on the security of energy Depending on growth rates, these importing countries and on the global environment. Zhang Junsai, launched the ANU publication: China: Linking estimates could prove conservative. Markets for Growth. The book is a joint publication by the Given the surge in China’s demand for energy in recent years, Asia Pacific Press (Canberra) and the Social Sciences Rio Tinto ANU Partnership appoints many are considering the long-term implications of China’s energy Academic Press (Beijing). a new manager demand for global energy supply, as well as for the environment. China’s prosperity carries environmental consequences. If Garnaut and Song’s prediction of a China-driven global ‘Platinum Age’ The annual publication of a book of China-related research Dominic Meagher commenced as the Partnership Manager Under the auspices of the Rio Tinto ANU China Partnership, (see article page 1) is accurate, then predict China’s energy from the ANU’s China Economy and Business program is for the Rio Tinto – ANU China Partnership in June this year. academics Ligang Song and Yu Sheng have analysed China’s demand may triple over the next 15 to 20 years. The impact on supported by the Rio Tinto ANU China Partnership. In addition to secretariat and managerial duties, Dominic future energy demand. Their research suggests a new and the global biosphere of such an increase has yet to be considered. will provide research assistance to the Crawford School increased urgency behind questions of global energy supply. At the book launch His Excellency Zhang Junsai spoke on The IEA predicts that China will – from now until 2030 – account members of the Rio Tinto China Advisory Panel. the strengthening bilateral relationship between Australia To meet fast growing demand, China has been intensifying for 40 per cent of the growth of global annual carbon dioxide and China, and the emergence of China as a global power. Dominic holds a bachelor’s degree with honors in production of all types of energy by increasing investment in energy emissions. Unless action is taken to address climate change Mr Peter Grey, Deputy Secretary of the Department of International Relations and History from the University of production. However, China will also require more energy imports. and there is some decoupling of greenhouse gas emissions from wealth creation, then global growth could falter. Foreign Affairs and Trade, also spoke on the growing New South Wales and a Master’s degree in International Significantly, for the first time in recent decades, China became strategic importance of the relationship. For a copy of the and Development Economics from the Australian National a net importer of coal during the first quarter of 2007. Over time, In this context, China’s environmental challenges will be a book, contact Dominic Meagher, Partnership Manager, University. He will begin a PhD on the Chinese economy a further increase in Chinese energy imports from the global key research focus of the Rio Tinto - ANU China Partnership [email protected] in 2008 at the Crawford School, ANU. market could generate much greater pressure on energy supplies over the coming year. and, consequently, on prices – especially for fossil fuels – in China and the world.

2. CHINABRIEFING Rio Tinto – ANU China Partnership Rio Tinto – ANU China Partnership CHINABRIEFING 3. Rio Tinto meets China Panel November 2007 The Rio Tinto China Panel, chaired by Rio Tinto Iron ore Chief executive Sam Walsh, met in Beijing in October. The meeting was followed by a dinner with Geoff Raby, Australian Ambassador to China. CHINABRIEFING Rio Tinto CEO meets President Hu Jintao Rio Tinto Chief executive, Mr Tom Albanese, met the President of China, His Excellency Hu Jintao, at a private dinner in Canberra hosted by the Governor General of Australia, His Excellency Major General Michael Jeffrey AC CVO MC. President Hu Jintao and Rio Tinto Chief executive Tom Albanese Mr Albanese and President Hu were in meet during the APEC meetings Australia in September for the APEC Leaders meeting in Sydney, hosted by Prime Minister John Howard. On his way to APEC Chinese President Hu Jintao stopped in Perth to visit Rio Tinto’s HISmelt facility in Kwinana, where he met Mr Sam Walsh, Chief executive, Iron ore. President Hu visits HISmelt Chinese President Hu Jintao meets Rio Tinto Iron ore Chief executive Sam Walsh

The Rio Tinto China Panel: Professor Shaoguang Wang (Chinese University of Hong Kong); Australian Ambassador to China H.E. Dr Geoff Raby; Professor Ross Garnaut (Australian National University); Professor Ken Lieberthal (University of Michigan), Sam Walsh (Chief executive Rio Tinto Iron ore); Vivek Tulpule (Chief economist Rio Tinto); Professor Yiping Huang (Rio Tinto Chair in the Chinese Economy)

centre of what may turn out to be a 5 per cent, many Chinese policymakers Mature Chinese ‘Platinum Age’ of global economic growth. reportedly feel the economy is experiencing optimal economic conditions. The Partnership growth and the The ‘Global Platinum Age’ is a reference to Launched in April 2005, the Partnership between Rio Tinto political developments in China and to identify strategic the work of esteemed economic historian, Garnaut and Huang acknowledge a and the Australian National University seeks to provide an issues and trends which might impact world markets for “Platinum Age” Angus Maddison, who identified the China led “Platinum Age” is not inevitable. independent perspective on emerging economic, social and metals and minerals. period from 1950-73 as a “Golden Age” There are several risks to continued Several years ago there was a near of global economic growth: the period saw growth. The two greatest challenges consensus view that China’s investment the most rapid sustained global growth come from: rate was too high and that its reduction in the history of humanity, averaging 1. The strain on China’s external relations would require a fall in China’s rate of 4.9 per cent per year for 23 years. Global For further information contact: (particularly with the US), and economic growth. But the Chinese growth looks set to exceed 5 per cent in Dominic Meagher Steven Macmillan CHINABRIEFING economy has defied consensus wisdom. 2007 for the fourth successive year. 2. The stress on the global biosphere. Partnership Manager Government & Corporate According to Professors Ross Garnaut With GDP growth still above 10 per cent To a significant degree, these are both RIO TINTO – ANU CHINA PARTNERSHIP The Australian National University Relations Adviser and Yiping Huang, China is now at the and core CPI inflation1 well below ‘hazards of success’. Telephone +61 (0) 2 6125 3831 Rio Tinto The Australian National University Facsimile +61 (0) 2 6125 0767 Telephone +61 (0) 3 9283 3610 Telephone: +61 (2) 6125 3831 www.crawford.anu.edu.au/research_units/china/rio.php 1 Core inflation excludes food prices, which have become the main driver of headline inflation [email protected] Facsimile +61 (0) 3 9283 3216 Email: [email protected] [email protected] China Briefing is a six-monthly newsletter for senior managers in Rio Tinto. The newsletter is a product of the partnership between Rio Tinto and The Australian National University (ANU) in Canberra. This and future editions will examine economic, political and social trends in China that are important to Rio Tinto.

4. CHINABRIEFING Rio Tinto – ANU China Partnership