On 26 September 2024, the Chairman of China’s ³Ô¹ÏÍøÕ¾ Development and Reform Commission (NDRC), Zheng Shanjie, and the Treasurer of Australia, Hon Dr Jim Chalmers MP, co-chaired the fourth Strategic Economic Dialogue (SED) between Australia and China in Beijing.
The 2024 SED is the first since 2017 and recommences the ministerial-level strategic economic dialogue mechanism that focuses on promoting effective, practical economic cooperation and enhances communication and exchanges between China and Australia. It follows the joint signing of the Memorandum of Understanding for the China and Australia Strategic Economic Dialogue in Canberra on 17 June 2024.
The Chairman of the NDRC and the Treasurer of Australia agreed that the Australia-China SED is core to bilateral economic engagement and is based on the important outcomes reached by the two heads of states at the Australia-China Annual Leaders’ Meeting this year.
During the dialogue, the Treasurer and Chairman of the NDRC discussed the global macroeconomic environment, growth outlook and policy settings of respective economies. Both sides acknowledged their economies face new challenges and opportunities and agreed to further exchanges on macroeconomic policies to share information about mutually beneficial opportunities for our economies and the region.
Both sides acknowledged the strong economic complementarities between Australia and China and discussed the benefits of attracting foreign investment to build more productive and resilient economies that contribute to global growth. Both ministers shared updates on the latest developments in investment policies and perspectives on investment in an increasingly complex global economic environment. Both sides are committed to investment frameworks that are transparent and efficient.
Both sides acknowledged the important role of clean energy in the global transition to a low-carbon and green economy. Both countries play a critical role in addressing global climate challenges and agreed that cooperation can be mutually beneficial and globally impactful. Each recognised the importance of participating in technical and policy exchanges to achieve respective climate goals and investment in renewable energy and low-carbon technology.
The Chairman of the NDRC and the Treasurer signed a Memorandum of Understanding for ongoing cooperation at all levels, including sharing knowledge and experience on economic policies. The MOU facilitates mutual exchanges on the global and regional macroeconomic environment, economic challenges and policy settings in Australia and China, fiscal policies and other topics that are of interest to both sides.
Both sides agreed to hold the SED annually to build on the positive momentum in a wide range of areas, including but not limited to, trade, investment, green and low carbon development, macroeconomic policies and business engagement.
Australia is pleased to host the next SED in 2025.
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