China market profile

Exports and investment have underpinned this growth for several decades, and the Chinese Government is encouraging a transition to services and consumption, described as the ‘dual circulation’ strategy, while pursuing more sustainable development to maintain high levels of growth.

With rising disposable incomes, demand is growing for safe food and a higher protein diet, quality health care and education, more sophisticated products and services, more liveable cities, a cleaner environment and the opportunity to travel.

As well as being a key destination for international investment, China is perhaps the world’s third largest source of investment, with infrastructure being a key focus for this investment.

China’s digital ecosystem is arguably the most sophisticated in the world, with nearly 1.1 billion internet users, and a mobile payment penetration rate that is double that of the United States.

China is digitising critical industries and will continue to move up the advanced manufacturing value chain. Significant government investment will reinforce its leading global position in a range of sectors.

China is shifting to net zero emissions and its renewable energy and zero carbon emissions targets will revolutionise its domestic economy and change its international trade.

China is Queensland’s largest two-way merchandise trading partner, merchandise export market and merchandise import source, and an important investor in the state. Queensland and China also share strong community and cultural links. 

China plays a critical role in supplying components and supplies for Queensland’s manufacturing industry and has emerged as our largest partner for translational research and research publications globally.

The China–Australia Free Trade Agreement (ChAFTA) has enabled Queensland businesses to benefit from agreed tariff reductions when exporting products to China, including:

• agricultural products and processed food
• resources
• engineering goods and services
• manufactured products.

However, China’s growing middle class and proximity to Queensland continue to offer significant opportunities for Queensland companies.

China is an important source of investment into Queensland, particularly in its tourism, mining and agricultural sectors.

The implementation of the China–Australia Free Trade Agreement (ChAFTA) is stimulating Chinese investment in a number of strategic industries, including agribusiness, health care, and the high-tech and renewable energy sector.

China is shifting its economic model from ‘quantity growth’ to ‘quality development’ and Chinese companies are increasingly investing in sectors beyond resource extraction.

Combined with the continuing growth in personal incomes and the number of educated people, this will see China’s services sector become increasingly important, creating opportunities in:

• healthcare
• niche food products
• technology
• renewable energy.