The China-Australia Free Trade Agreement (FTA) is a great thing that opens up a lot of opportunities for both countries, one of Australia's leading business, social and educational reformers says.
Part of Xinhua's "Talk to China" interview series, which aims to strengthen dialogue between China and Australia, chairman of ANZ and current Chancellor of the University of New South Wales ( UNSW), David Gonski, complimented the governments of China and Australia on Tuesday for signing the trade deal.
Gonski is known colloquially in Australian corporate circles as the "chairman of everything" for being part of an estimated 40 corporate boards.
"I'm a great believer in free trade agreements," Gonski said. " When you're a country as Australia is, with wonderful things to get involved in but small in terms of our economy (and size) in the world sense... to be involved with great countries of large size like China and other countries that have got free trade agreements with (Australia), I think is a great thing."
Under the agreement, Australian companies obtain larger access into the Chinese market and reciprocally, the threshold for review by Australia's Foreign Investment Review Board (FIRB) for investment by non-state owned Chinese corporations has been increased to similar levels afforded to Australia's other international trading partners.
Gonski said this is a great move as it levels the playing field for all international investment in Australia, dismissing any idea of prejudice against Chinese investors.
"I have the highest regard for those who run the FIRB, and I would assure investors coming from China that they wont be prejudiced," Gonski said. "We have a very good judiciary and a very good set of regulators."
"I hope that (Chinese investors) will be able to fulfill the requirements that are needed, because (Chinese investors) are very good competitors (in Australia) and great investors."
The China-Australia FTA comes at a welcome time as both countries economies shift, China to a more consumer led economic base and Australia away from mining to become more diverse.
Gonski said he's optimistic that Australia will be able to make the transition over time, however he does not discount the influence the resources sector will have on Australia's economy.
"Whilst Australians are very obsessed with the price of iron ore, we're still selling a lot of iron ore," Gonski said. "We've still got very good expertise and reliability in terms of transporting it, taking it out of the ground, taking it to where it's to be delivered. I think the mining industry has a long (and successful) way to go."
Gonski said infrastructure investment, where demand for iron ore is highest, will be a major player on the economies of Australia and China.
"There is infrastructure need both in Australia, but also obviously in China and other parts of our near neighbors," Gonski said. "The concept of establishing (the Asian Infrastructure Investment Bank) with interests in those sort of areas as an investor, is a plus, and I'm very pleased that Australia is involved in it."
Gonski noted China's expertise in construction during his first trip to China 11 years ago.
"I was visiting an office (in Shanghai), and one day I was looking out of the window, two days later there was a big building there," Gonski said. "They'd built two stories of the building in the two days I was there, amazing construction ability."
Gonski modestly said he's been very lucky in his business life to be involved in many of Australia's influential organizations and social reform programs.
"I've found in my life that the harder one works, the harder you seek to be successful, and provided you have proper ethics and morality, you should do quite well," Gonski said. "I don't have a secret for success, but what I do believe in is that when you are involved with a company, you give it your absolute attention. You work hard for it (and) you bring to it all that you are capable of bringing."
After subsequent trips to China, Gonski said he understood what the feeling of success by walking down a Chinese street.
When offering advice to China's younger generation, Gonski said above all else, it takes passion to become successful.
"I would work towards what I was passionate about," Gonski said. "I wouldn't go into business just because it makes money if that's not my passion."
Gonski said the quality of Australian universities is why passionate Chinese students are increasingly studying in Australia.
Education is now Australia's fourth-largest services export with record revenue of 16.69 billion Australian dollars (13 billion U.S. dollars) in 2014, projected to be worth 30 billion Australian dollars (23.23 billion U.S. dollars) by 2020.
"Australian universities, including UNSW, spend a lot of their efforts in making sure that the student experience is good, the lectures are of top quality (and) the teachers are excellent," Gonski said. "(Quality) will continue to be high... because ( Australians) value each of our Universities values."
Gonski says it is important for Chinese, which comprise the largest proportion (35 percent) of the almost 217,000 international students studying at Australian higher education institutions, and Australian students not just to take advantage of structured learning, but also the social aspect of learning in culturally diverse institutions.
"I urge all of the Australians that (attend UNSW) to enjoy the inter-relationship with our Chinese students," Gonski said. "It's terribly exciting to me when I tour places like China and so on, people turn around to me and say 'I went to University of New South Wales.' I like that a lot."
