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Development and prospect of Sino-Australian bilateral trade Group members: 李 静2017013477 高之婷2017013486 Development and prospect of Sino-Australian bilateral trade Abstract: in recent years, the economic and trade cooperation between China and Australia has developed rapidly, and the economic complementarity between the two countries has been further enhanced. China and Australia are highly complementary to each other in trade, and their trade dependence is on the rise. In the future, China-Australia trade relations will be deepened under the trend of expanding economic openness of the two countries. Keywords: China and Australia, trade relationship, development trend and prospect. 1. Analysis from the perspective of natural resources From the overall situation of Australia＇s exports to the world, mineral products, precious metals and products and animal products are Australia＇s main exports. In 2018, the export volume was us $152.46 billion, up $16.12 billion and us $14.66 billion respectively, accounting for 59.4%, 6.3% and 5.7% of the total export volume of Australia, with the export volume increasing by 16.8%, 5.0% and 9.8% respectively. And Australia＇s own resource endowment is the main reason for the formation of the export structure of this product. 1.1 Mineral resources Australia is known as “the nation of harvesters“, with at least 70 mineral resources. First, Australia is the world＇s largest producer of bauxite, alumina, diamonds, lead and tantalum. Its output of gold, iron ore, coal, lithium, manganese ore, nickel, silver, uranium and zinc also rank among the top in the world. Second, Australia is the world＇s largest exporter of bituminous coal, bauxite, lead, diamonds, zinc and concentrate, the second largest exporter of alumina, iron ore and uranium, and the third largest exporter of aluminum and gold. Three is that Australia＇s rich natural gas resources, also is one of the large global gas exports, in 2017, the Australian gas proven reserves of 3.6 trillion cubic meters, in the Asia-pacific region, the output up to 113.5 billion cubic meters, but consumption is only 41.9 billion cubic meters, has more than 700 cubic meters of natural gas available for export. 1.2 In biological resources Australia is known as the “world living fossil museum“. First, Australia is rich in plant resources. The forest coverage area of Australia accounts for 20% of the land. The natural forest area is about 155 million hectares, and the timber forest area is 1.22 million hectares. Second, Australia is rich in animal resources. There are more than 650 species of birds in Australia, and more than 450 species are unique to Australia. Marsupials all over the world, except South America, are mostly distributed in Australia. 2. Overall analysis of major import and export 2.1 Export market: analysis of Australian exports to China From the perspective of Australia＇s exports to China, mineral products dominated by metal ore have always been Australia＇s main exports to China. In 2018, the export volume was 55.08 billion us dollars, up 3.1%, accounting for 62.9% of Australia＇s total exports to China. In addition, precious metals and products and animal products are the second and third major categories of Australia＇s exports to China, with the export volume of us $4.32 billion and us $2.85 billion, up 397.9% and 50.8% respectively, accounting for 4.9% and 3.3% of Australia＇s total exports to China. 2.2 Import market: analysis of Australian products imported from China Overall, Australia＇s imports from China also rose, but not as much as its exports to China, which led to another widening of its trade surplus with China, the biggest source of the surplus. From the perspective of import structure, Australia＇s main imports from China are mechanical and electrical products, textiles and miscellaneous furniture and toys. In 2018, Australia imported us $34.17 billion, accounting for 61.5% of its total imports from China. 3. Trade volume between Australia and China imports exports 2014 US $46.77 billion US $81.4 billion 2015 US $46.24 billion US $60.98 billion 2016 US $45.175 billion US $63.44 billion 2017 US $49.15 billion US $76.45 billion 4.Development opportunities in China and Australia China and Australia are two countries in different stages of economic development. They have significant advantages in the trade of processed products, resources and energy, and can achieve strong complementarity, which lays a foundation for bilateral trade between China and Australia. In fact, since China and Australia signed the free trade agreement (FTA) in 2015, the bilateral trade relations between China and Australia have been continuously strengthened, and the trade between China and Australia has a broad prospect. In the future, it may develop towards the following trends: First, bilateral trade dependence between China and Australia continues to rise. From the perspective of the dependence of China and Australia on bilateral trade, in 2001, the dependence of China and Australia on bilateral trade was 0.71% and 2.52% respectively, while in 2015 it rose to 1.31% and 8.33% respectively, and the dependence of Australia on bilateral trade between Australia and China was always higher than that of China on bilateral trade between Australia and China. Australia is a big country on the south side of China＇s “one belt and one road“. Its resources are needed for China＇s development, and Australia has an important strategic position in economic development and Geopolitics in the Asia Pacific region. Therefore, it is expected that with the economic development and opening-up of China and Australia, their dependence on bilateral trade will further increase. Second, the range of products traded between China and Australia will be broadened. On the one hand, at present, Australia＇s technology in infrastructure engineering, communication, energy, environment, food processing, processing and packaging is at the world＇s leading level. It expands its trade with China through investment, technology transfer and sales of technology and equipment in the Chinese market; while China absorbs foreign investment, accepts technology transfer and obtains advanced technology, etc. Various ways to increase the variety of China＇s export commodities. On the other hand, due to the high labor price in Australia, its labor-intensive manufacturing industry will continue to shrink or move overseas, giving up the market share of some manufactured products; while China has an advantage in the export of labor-intensive products, Chinese enterprises are expected to play this advantage to fill the market share vacated in Australia and expand the export scope of commodities. 4.1Major obstacles There is interest differentiation between China and the developing countries along the belt and road. In the current “anti globalization“ trend in the world, China＇s attitude is different from that of some developing countries. China said that it would actively promote and participate in globalization, and formulate corresponding open development strategies, but some developing countries think that economic globalization has put their economies in a dilemma. In response to globalization, China and some developing countries also have different concerns. China is concerned about how to better seize the opportunities of globalization, promote its economic development by expanding opening up and increasing cooperation, and how to control the economic and financial crisis caused by globalization. However, some developing countries with similar industrial structure to China see that in the process of opening up and On the one hand, in order to protect its own economy, China adopts various forms of trade protectionism and treats cooperation with extreme caution. Over the past ten years, the number of anti-dumping cases against China has been increasing. The largest number of them are developing countries. The number of developing countries such as India, Turkey, Malaysia and other developing countries along the belt and road has been increasing against China. Since 2005, India has launched the most anti-dumping action against our export products. Because China and India have similar industrial structures in the “one belt and one road“ emerging countries, they are in the similar stage of industrialization. They have similar competitive advantages in labor intensive and economies of scale in the international market, resulting in competition and collision of interests, leading to these countries constantly launching trade protectionist measures against China. Secondly, China＇s economic and trade cooperation with the developing countries along the “one belt and one way“ lacks effective protection. Third, international instability is a constraint on China＇s economic and trade cooperation with the developing countries along the belt. At present, there are unstable factors in many developing countries along the belt and road. On the strategic map of the United States, North Africa, West Asia, Central Asia, South Asia and Southeast Asia constitute an arc of international instability. Think tanks in the UK believe that: from West Africa, North Africa to East Africa, an “arc of African instability“ may be forming. On the unstable arc, all kinds of conflicts and turbulence will be frequent. This will undoubtedly have a negative impact on the economic and trade cooperation between China and the developing countries along the belt. 5. Advice to Chinese importers and exporters 5.1. Price sensitive Australia＇s periphery is mostly developing countries with low production costs and often receives cheap offers. As a result, Australian importers are quite price sensitive. In addition, due to the seasonal difference between the northern and southern hemispheres, some out-of-season products in the northern hemisphere that are still popular in Australia will enter the Australian market at a relatively low price. Many factors add together, resulting in the Australian market price is quite sensitive. Generally speaking, foreign companies should compete with local companies and offer a price discount of more than 15% over the price of local products. Foreign companies have to compete with other foreign companies and offer more than 5% discount to their competitors before they can consider changing suppliers. 5.2 Emphasis on quality There is a consumption habit in Australian society. If consumers are not satisfied with the products, they can even ask for replacement or refund without any reason. This makes Australian businessman is very serious to product quality. 5.3 Business features Australian business is still basically following the British business tradition, law-abiding, credit, stability. Australian businessmen will not tolerate dishonesty or even cheating because of “face“ or “friendship“. In addition, the Australian market is small and there is not much room for illegal businessmen to “cheat the boss to cheat the family“. The breach is easy to detect, and ultimately the supplier may lose all customer relationships. Access to Australia＇s exports can be achieved through participation in local trade fairs, field marketing and direct contact with Australian businesses. 6.Conclusion In the future, economic and technical cooperation between the two sides will be further strengthened. At present, China＇s economy is entering a new historical stage, which requires the introduction of advanced technology, management experience and technical equipment. Australia has a lot of technology and management experience worth learning from China. The deepening of China＇s economic reform and the acceleration of opening-up have created various new opportunities for Australian companies to cooperate in China＇s experience development. [1]康学真.中澳双边贸易的发展与展望[J].中国经贸导刊(理论版),2017(32):8-11. [2]田泽,郑秀,刘晓文.“丝绸之路经济带”背景下中澳贸易合作竞争性与互补性研究[J].开发研究,2016(03):6-9. [3]Rudnytska M V,Palladina T A. 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