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High-level business summit in Australia eyes new opportunities in China

( Xinhua )

Updated: 2018-03-08

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SYDNEY - Although Australia has a resource-based economy with mining and agriculture at the forefront of the country's past successes, business leaders are continuing to search for new opportunities to sustain growth and compete in the ever changing economic landscape.

While many Aussies argue about the best way to steer the transition out of minerals and manufacturing and into the digital workplaces of the future, it seems there's one thing everyone can agree on -- All roads lead to China.

As Australia's largest trading partner and No 1 market for tourism and education, China's surging consumer base presents itself as an abundant area of growth if Aussie companies can figure out how to target them and what exactly it is.

So this week, the top brass of the Australian business community met in Sydney at a high-level summit to discuss the challenges and opportunities facing their industries.

With keynote speeches from Australia's Reserve Bank Governor Philip Lowe, CEO of the nation's largest mining company BHP Andrew Mckenzie and Prime Minister Malcolm Turnbull, there was no shortage of good advice on offer for Aussie entrepreneurs.

A common theme echoed throughout the meeting was that if Australian businesses want to keep thriving on the world stage, they will need to become more innovative, more specialized and more focused on pursuing ever expanding global markets like China.

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