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Why Is ANZ Important For Australia To Trade With China?

692 Words3 Pages

There are many Australian businesses that have succeeded in China, including companies such as ANZ and Michell Group. ANZ has been operating in China since 1986 when a representative office was opened in Beijing. ANZ has since been trading in several major Chinese cities providing products and services relating to retail, corporate, institutional, commercial and transaction banking, financial institutions and global markets. The success of ANZ in China has been aided by the fact that it is the only Australasian based bank with both local and foreign currency commercial banking capabilities in Mainland China. A final significant area of opportunity to trade with China is pork. More than half of the pork eaten worldwide in 2013 was consumed by the Chinese. Appendix three displays the substantial increase in Chinese pork consumption compared to the US throughout the period of 1960-2012. China is so reliant on pork that the government has a reserve of live and frozen pork, which is rotated every 4 months to ensure its quality. A second area of potential for Australians to trade with China are luxury goods, such as red wine. China is the world’s biggest consumer of red wine, with 1.86 billion bottles sold in 2013. Since 2005 wine sales in China have increased by 175%. …show more content…

Firstly, the Chinese are becoming more health conscious and aware of what is in the foods they are eating. Due to this, the demand for organic foods and increased significantly, according to the Global Agriculture Information Network, Chinese consumption of organic food with increase to $8.7 million by 2015. Not only do the Chinese wish to eat organically grown foods, there is also a growing market for health products, such as supplements. HKTDC Research estimates that by 2015 the value of the health food market in China will be more than $100

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