SYDNEY, Nov. 6 (Xinhua) -- Despite recent uncertainty and a number of challenges facing the global economy, two-thirds of Aussie businesses operating in China are looking to increase their investments in China.
Compiled by the University of Melbourne and auditing giant KPMG, the 2018 Doing Business in China Report released on Tuesday surveyed members of the Australia-China Chamber of Commerce (AustCham) and the Australia China Business Council (ACBC) to understand more about how their operations in China are faring.
"The results of this survey show that Australian companies doing business in and with China have a positive view about the opportunities and are planning to increase their investments in China to capture them," Chair of AustCham Beijing Vaughn Barber said in a statement.
"Almost half the respondents reported an improvement in financial performance in China this year compared with last, with a further 27 percent expecting comparable profitability, suggesting that Australian companies are adapting to changes in the business environment and managing the impacts of emerging risks."
With two-way trade between Australia and China at record high levels, 80 percent of the respondents believe that further growth potential still remains high, pointing to the rise of China's expanding middle class and the Belt and Road Initiative as key areas of opportunity for Aussie businesses.
While the mining sector has been a major driver of the nation's export earnings, there's also been huge gains made by Australian service exports to China, which shot up 15 percent over the past year.
"Many Australian businesses are waking up to the fact that no other market compares now or in the future to the opportunity of China," National President of the ACBC John Brumby said.
"It's vital for companies looking to enter China to understand it is a fast changing and highly competitive market, with many cultural, regulatory, political and environmental factors to consider."
"To succeed in China, Australian companies must see China as a strategic long-term priority, dedicate appropriate senior resources and invest with a medium to long-term view," he added.
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