This is the text of Treasurer Wayne Swan’s address to the Australia in China’s Century conference in Sydney today.
- Listen to Swan’s speech (20m)
Speech by Treasurer Wayne Swan to Australia in China’s Century conference.
Asia-Ready People, Asia-Ready Policies
Can I start by thanking you, Paul for that introduction, thanking you all here for that warm welcome, and especially acknowledging The Australian and The Wall Street Journal for putting this event together. The rise of China, and especially the stupendous growth in its middle class, sits alongside the Global Financial Crisis as one of the two defining economic events of our lifetimes. Both are transforming the world. Indeed, China’s return to pre-eminence in the global economy is the most momentous development since the industrial revolution re-shaped the Western world over 200 years ago. So what China’s rise means for our place in the global superstructure is certainly a big enough topic to warrant this high-quality gathering today. I’m thankful for the opportunity to offer some thoughts and then to discuss them with my distinguished colleagues on this panel. I know that by this stage you don’t want me to go over too much of the same ground or recite the same stats. Instead, I want to offer the personal perspective of an Australian Treasurer whose seven trips to China mean I’ve probably visited there more times than all my predecessors since federation combined. That’s not a perfect statistic, but it does illustrate the shifting focus of Treasurers since the second world war, from markets in London, New York and Tokyo towards Shanghai and Hong Kong today. [Read more...]