China eyes tighter economic and trade ties with Australia amid G20

China has promised to pour efforts into broadening fields of cooperation with Australia, including mining, agriculture and finance amid this year’s G20 summit, one of the marquee international economic and financial gatherings. On the sideline of the two-day summit in Brisbane, Australia, Chinese Vice Finance Minister Zhu Guangyao has announced a promising prospect for an extensive Sino-Australian economic cooperation, adding that Chinese President Xi Jinping would pay a state visit after the summit. “This visit is of great significance, which we believe will push forward the economic and trade ties between China and Australia to a historic new level……Economic development in China and Australia are highly complementary. The two countries have gained great benefits from such a relationship over the past years,” Zhu said, “The people of the two countries support closer economic ties between the two sides.” This year’s G20 summit has focused on global economic growth and employment, against the backdrop of lower-than-expected global economic growth. The IMF lowered its expectation on global economic growth rate to 3.3% in October, given the recent weak economic development in developed nations, as well as a perceivable slowdown in growth rates among developing countries. To reverse the downward trend, world leaders have promised to increase global economic growth by an additional 2 percentage points over the next five years. The ambitious plan “translates into around $2 trillion in additional global economic activity and millions of new jobs,” according to Joe Hockey, Australian Treasurer. Subscribe us on Youtube: https://www.youtube.com/user/CCTVNEWSbeijing Download for IOS: https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls=1&mt=8 Download for Android: https://play.google.com/store/apps/details?id=com.imib.cctv Follow us on: Facebook: https://www.facebook.com/cctvnewschina Twitter: https://twitter.com/CCTVNEWS Google+: https://plus.google.com/+CCTVNEWSbeijing Tumblr: http://cctvnews.tumblr.com/ Weibo: http://weibo.com/cctvnewsbeijing