AustCham China at the Ninth Hongqiao International Economic Forum

Five years after an investment, what can Australian businesses and their people do that they could not do before—and how has that strengthened the investor’s business?

一项投资落地五年后，澳大利亚企业及其员工掌握了哪些此前不具备的能力？这些能力又如何增强了投资者自身的业务实力？

That question was at the heart of AustCham China Chair Vaughn Barber’s keynote at the ninth Hongqiao International Economic Forum in Shanghai on 5 November: how investment can build lasting Australian capability while helping Chinese partners succeed internationally.

这一问题正是中国澳大利亚商会会长冯栢文（Vaughn Barber）11月5日在上海举行的第九届虹桥国际经济论坛上发表主旨演讲的核心：如何通过投资，为澳大利亚培育持久的本土能力，同时助力中国合作伙伴在国际市场取得成功。

At the invitation of Bank of China, Vaughn spoke during the China International Import Expo (“CIIE”) at the Bank’s session, “Harnessing Financial Strength to Advance Global Economic and Trade Cooperation and Innovation-Driven Growth”. His keynote, “Harnessing Financial Strength to Build Capability Together”, set out a commercial proposition for the next phase of Australia–China cooperation.

应中国银行邀请，冯栢文在中国国际进口博览会（“进博会”）期间，于该行主办的“发挥金融力量，推动全球经贸合作与创新驱动增长”专题会议上发表演讲。他以“发挥金融力量，携手共建能力”为题，为下一阶段的中澳合作提出了一个以商业价值为基础的合作构想。

Bank of China connects businesses with opportunity

中国银行助力企业对接机遇

The forum brought together government, financial institutions, international business associations and companies to discuss how finance can support trade and innovation. Shanghai Vice Mayor He Qing and Bank of China Chairman Ge Haijiao addressed the session, with Assistant Minister of Commerce Yuan Xiaoming contributing by video.本次论坛汇聚了政府、金融机构、国际商协会及企业代表，共同探讨金融如何支持贸易与创新。上海市副市长贺青、中国银行董事长葛海蛟出席并致辞，商务部部长助理袁晓明通过视频致辞。AustCham China warmly thanks Bank of China for the invitation and for convening the session, and Mang Li (Country Head, Australia) and his team for their support and generous hospitality.中国澳大利亚商会衷心感谢中国银行的盛情邀请及精心组织，并感谢中国银行澳大利亚区负责人李芒及其团队给予的支持与热情接待。The Chamber values Bank of China’s longstanding contribution to Australia–China trade and investment, particularly its practical support for Australian small and medium-sized enterprises: helping them find partners, enter the Chinese market and develop their businesses in China. This support helps more Australian companies seize opportunities in China and grow alongside Chinese partners.

商会高度重视中国银行长期以来为中澳贸易与投资作出的贡献，尤其是其为澳大利亚中小企业提供的切实支持：帮助企业寻找合作伙伴、进入中国市场，并拓展在华业务。这些支持让更多澳大利亚企业能够把握中国市场机遇，与中国合作伙伴共同成长。

AustCham China also participated in the launch of the global business associations’ “Export to China” initiative, convened by Bank of China at the forum. Selling Australian goods and services to Chinese customers remains central to the relationship and to the purpose of CIIE. The initiative provides a further platform for business connections and cooperation around access to that market.

中国澳大利亚商会还参与了中国银行在论坛期间组织的全球商协会“出口中国”倡议启动仪式。向中国消费者提供澳大利亚商品与服务，始终是中澳经贸关系的核心内容，也契合进博会的宗旨。该倡议为企业对接与合作搭建了新的平台，助力企业开拓中国市场。

Giving both partners a reason to invest

让合作双方都有投入的理由

The keynote explored how these commercial relationships can open wider opportunities. China is a major market for Australian businesses and an increasingly important source of leading technology, manufacturing expertise and industrial equipment.这场主旨演讲探讨了如何通过这些商业联系开拓更广阔的合作机遇。中国不仅是澳大利亚企业的重要市场，也日益成为领先技术、制造经验和工业设备的重要来源。China’s advances in clean energy, industrial automation and AI now open opportunities across more of the industries on which Australia’s future prosperity and resilience will depend.中国在清洁能源、工业自动化和人工智能领域的进步，正为更多行业带来机遇，而这些行业将关系到澳大利亚未来的繁荣与经济韧性。An industrial investor can bring people who know how to run production, solve operating problems and improve products. Those capabilities can be as important as the capital itself. Bringing them into Australian supply chains can help businesses serve customers at home and abroad, support high-quality employment and generate income and public revenue.产业投资者能够带来懂得组织生产、解决运营问题和改进产品的专业人才。这些能力的重要性并不亚于资本本身。将这些能力引入澳大利亚供应链，有助于企业服务国内外客户、创造高质量就业，并带动收入与财政税收增长。Buying technology can improve productivity. Building Australian capability requires a further commitment from both partners. The technology owner needs a commercial reason to invest beyond supplying its technology; the Australian partner needs confidence that it can use and earn from improvements it helps create.

引进技术可以提高生产率，而培育澳大利亚的本土能力，则需要合作双方作出进一步承诺。技术拥有方需要有商业动力，在技术供应之外持续投入；澳大利亚合作方则需要确信，自己能够应用其参与创造的改进成果，并从中获益。“For this next phase, I propose a new investment bargain: one that keeps Australia open to leading technology and gives investors a commercial reason to build lasting Australian capability.”

“面向下一阶段，我提议构建一种新的投资合作模式：既让澳大利亚继续向全球领先技术敞开大门，也让投资者有商业动力，在澳大利亚培育可持续的本土能力。”

The commercial logic is straightforward: a stronger Australian business can help its Chinese partner win customers, improve production and develop better products. Investing in the business’s ability to keep improving can benefit both partners.

其中的商业逻辑很清晰：更具实力的澳大利亚企业，能够帮助中国合作伙伴赢得客户、改进生产并开发更好的产品。对企业能力进行投资，使其起不断提升，可以让合作双方共同受益。

Capital and technology need not come from the same partner

资金和技术不必来自同一合作方

For financiers, the opportunity is to back businesses that use Chinese technology to build lasting capability in Australia. Bringing technology owners and Australian partners together is part of the task. The partners also need to establish who will fund development and improvement work in Australia, and how the benefits will be shared.对于金融机构而言，机遇在于支持那些利用中国技术、在澳大利亚培育持久本土能力的企业。促成技术拥有方与澳大利亚合作伙伴携手，是其中一项工作。合作双方还需要明确：由谁为在澳大利亚开展的研发与改进工作提供资金，以及如何分享由此产生的收益。

Capabilities that reach beyond one contract

超越单一合同、持续发挥价值的能力

This proposition builds on experience. On his recent visit to Australia, Vaughn heard from mining leaders about combining Chinese operating techniques with Australian teams’ knowledge to improve mine performance. Decades of resources cooperation provide a foundation for partnerships across more industries.这一合作构想建立在实践经验之上。冯栢文近期访问澳大利亚期间，矿业领袖向他介绍了如何将中国的运营技术与澳大利亚团队的专业知识相结合，提升矿山运营绩效。数十年的资源领域合作，为双方将伙伴关系拓展至更多行业奠定了基础。Melbourne’s High Capacity Metro Trains project offers another example. CRRC brought technology and investment; Downer brought manufacturing and maintenance capabilities; and Plenary arranged finance.墨尔本大运量地铁列车项目是另一个例子。中国中车带来了技术和投资，唐纳集团（Downer）提供了制造与维护能力，Plenary则负责融资安排。The Victorian Government reports that staff at local supplier Hofmann Engineering adopted manufacturing techniques from CRRC. Since winning its train contract, Hofmann has expanded its manufacturing capability and diversified into other industries.据维多利亚州政府介绍，当地供应商霍夫曼工程公司（Hofmann Engineering）的员工引进并应用了中国中车的制造技术。自获得该列车项目合同以来，霍夫曼不断提升制造能力，并将业务拓展至其他行业。Melbourne gained trains and skilled work. The partners gained a substantial business. An Australian supplier gained capabilities it could use beyond that contract.

墨尔本收获了列车和技术型就业岗位，合作各方获得了可观的业务，而一家澳大利亚供应商则掌握了能够用于合同之外其他业务的能力。

The value extends beyond delivery of a single project: an Australian supplier can use the capabilities it has developed to pursue further opportunities.

其价值超越了单个项目的交付：澳大利亚供应商可以凭借在合作中积累的能力，开拓更多商机。

A smaller market can create a substantial business

较小的市场，也能支撑可观的业务规模

Each economy’s approach depends on its market size, capabilities, resources and stage of development. Australia’s national market is comparatively small, but it can still support a substantial business for an individual company.各经济体的发展路径，取决于其市场规模、能力基础、资源禀赋和发展阶段。澳大利亚国内市场的规模相对较小，但对于单个企业而言，仍足以支撑可观的业务。For Chinese vehicle manufacturers, Australia offers opportunities to grow sales and build their brands. Serving Australian customers well can justify investment in local testing, technical teams and support. Vehicle maker GWM reports that insights from its Australian and New Zealand development work are informing future products for other markets. Local capability can therefore help a company win Australian customers and strengthen its international business.对于中国汽车制造商而言，澳大利亚提供了扩大销售和塑造品牌的机遇。为了更好地服务澳大利亚消费者，企业有充分的商业理由投资于本地测试、技术团队和配套支持。长城汽车表示，其在澳大利亚和新西兰开展研发工作所积累的经验，正为面向其他市场的未来产品开发提供参考。因此，建设本土能力既能帮助企业赢得澳大利亚客户，也能增强其国际业务实力。

Australian investment creates demand in China

澳大利亚投资在中国创造需求

Australian investment also creates demand for Chinese manufacturing. Woodside Energy’s US$12.5 billion Scarborough Energy Project is one example. Its floating production unit was fabricated in Chinese yards through an international partnership led by McDermott.澳大利亚投资也为中国制造业创造了需求。澳德赛能源（Woodside Energy）总投资125亿美元的斯卡伯勒能源项目便是一个例子。该项目的浮式生产装置由麦克德莫特（McDermott）牵头的国际合作团队，在中国船厂建造。Mammoet reports that the fabrication and lifting approach used for the Scarborough topsides in China saved time and cost and improved construction safety. Woodside reports three years of work on the unit without a lost-time incident.据玛姆特（Mammoet ）介绍，斯卡伯勒项目上部模块在中国建造时采用的制造与吊装方案，节省了时间和成本，并提升了施工安全水平。澳德赛表示，该装置在为期三年的建造过程中，未发生损失工时事故。Rio Tinto’s purchases from China reached US$4.3 billion in 2025, according to its chief executive, supporting operations around the world.据力拓（Rio Tinto）首席执行官介绍，2025年力拓从中国采购的金额达到43亿美元，为其全球业务运营提供了支持。

Building more value in Australia

在澳大利亚创造更多附加值

Australia’s industrial priorities under Future Made in Australia include green metals, critical-minerals processing and clean-energy manufacturing. Chinese companies bring relevant manufacturing and processing expertise, together with the scale to develop and test new technology.澳大利亚“未来澳大利亚制造”计划的产业重点包括绿色金属、关键矿产加工和清洁能源制造。中国企业拥有相关制造与加工技术经验，以及开发和测试新技术所需的规模优势。Australia and China already cooperate in processing. The opportunity is to add more value to Australia’s resources before export while developing production methods that use less energy and produce fewer emissions.中澳两国已在加工领域开展合作。未来的机遇在于，在资源出口前于澳大利亚本土实现更多增值，同时开发能耗更低、排放更少的生产方式。Consider an investment in further processing, such as an Australian plant producing lower-emissions iron. An Australian business brings a resource, a project and local operating knowledge. A Chinese industrial partner brings processing technology and experience running similar plants.以资源深加工投资为例，例如在澳大利亚建设一家生产低排放铁产品的工厂——澳大利亚企业提供资源、项目和本地运营经验，中国产业合作伙伴则提供加工技术及同类工厂的运营经验。Together, they could invest in an Australian operation selling processed material to customers. Alongside the plant, they could fund a local team to adapt and improve the process for the Australian resource: recovering more useful material, using less energy and keeping production reliable. That work can improve the venture’s earnings while building expertise in Australia.

双方可以共同投资，在澳大利亚开展生产，向客户销售加工后的产品。在建设工厂的同时，双方还可以出资组建本地团队，针对澳大利亚原料的特点调整和改进工艺，提高有用物料的回收率、降低能耗，并确保生产稳定可靠。这些工作既能提升合资项目的盈利能力，也能在澳大利亚积累专业技术与经验。

The partners protect their existing intellectual property and agree how each can use and earn from improvements developed together. The Australian business gains production and expertise. The Chinese partner earns a return from the venture and gains improvements it may be able to apply in other markets. Both have a commercial reason to invest in Australian capability.

双方在保护各自现有知识产权的基础上，约定如何使用共同开发的改进成果，并从中获益。澳大利亚企业获得生产能力与专业技术，中国合作伙伴则获得项目投资回报，并取得有望应用于其他市场的改进成果。由此，双方都有商业动力投资于澳大利亚的本土能力建设。

Housing offers another practical application. For more than a year, AustCham China has advocated modular housing partnerships combining Chinese manufacturing with Australian design and construction expertise, aiming to deliver homes faster while developing Australian businesses and skills. Transport, agriculture and healthcare offer further possibilities.

住房领域也提供了一个切实的应用场景。一年多来，中国澳大利亚商会持续倡导模块化住房合作，将中国的制造能力与澳大利亚的设计和施工专长相结合，旨在加快住房交付，同时促进澳大利亚企业发展和技能提升。交通、农业和医疗健康领域也蕴含着更多合作机遇。

AI offers opportunities in applications and infrastructure. Chinese autonomous-haulage technology is already operating at a gold mine in Western Australia. Chinese companies also bring capabilities in data-centre power equipment, cooling and energy storage. Investment in supplying, adapting and maintaining these systems in Australia can build local businesses and skills.

人工智能在应用和基础设施领域同样带来了机遇。中国的无人驾驶矿用运输技术已在西澳大利亚的一座金矿投入使用。中国企业在数据中心供电设备、冷却系统和储能方面也具备相应能力。投资于这些系统在澳大利亚的供应、本地化适配和维护，可以带动本土企业发展与技能积累。

Security and Prosperity must advance together

安全与繁荣必须协同推进

The keynote develops an argument Vaughn made earlier this year in “Security Without Stagnation”: security and prosperity must be pursued together.冯栢文今年早些时候在《保障安全，不让发展停滞》（Security Without Stagnation）中提出，安全与繁荣必须共同推进。本次主旨演讲进一步展开了这一观点。An industry’s strategic importance does not, by itself, settle whether an investment should proceed. Assessment must examine what the business will do, who controls it, who can access its systems and data, its dependence on continuing support, and each partner’s legal obligations.一个行业具有战略重要性，本身并不足以决定一项投资是否应当推进。评估必须审视企业将开展什么业务、由谁控制、谁能够访问其系统和数据、企业对持续性支持的依赖程度，以及各合作方承担的法律义务。For critical minerals, more processing in Australia does not automatically mean a more diversified supply chain.

对于关键矿产而言，在澳大利亚开展更多加工，并不自动意味着供应链更加多元化。

Some risks cannot be accepted. Others can be managed through an investment’s design and operation. Excluding an entire field can also deny Australian businesses technology that would improve productivity. That cost belongs in the assessment too.

有些风险不可接受，另一些则可以通过投资项目的设计与运营加以管理。将整个领域排除在投资之外，也可能使澳大利亚企业无法获得有助于提高生产率的技术。这一代价同样应纳入评估。

Where sovereign capability matters, skills alone are not enough. Australian businesses also need rights, access to supplies and the practical ability to keep essential operations running if conditions change.

在涉及自主保障能力的领域，仅有技能还不够。澳大利亚企业还需要具备相应权利、获取必要供应的渠道，以及在环境变化时维持关键业务运转的实际能力。

Making every component locally can add cost without securing that ability. Building local capability can strengthen resilience. It does not remove the need to assess security risks or preserve future choice.

将每一个零部件都放在本地生产，可能增加成本，却未必能确保这种能力。建设本土能力可以增强韧性，但仍须评估安全风险，并保留未来的选择空间。

Clear rules can make cooperation possible

明确的规则让合作成为可能

Both governments have a role. Businesses need clarity about Australia’s foreign-investment and security requirements, including the Foreign Investment Review Board process, and China’s rules on providing technology, know-how and technical support overseas.两国政府都可以发挥作用。企业需要清晰了解澳大利亚的外商投资与安全要求，包括外国投资审查委员会（FIRB）的审查程序，以及中国关于向境外提供技术、专有技术和技术支持的相关规定。Technology owners need confidence that their intellectual property will be protected. Both partners need to know that the agreed technology and support can be lawfully provided and sustained. Without that confidence, a business may never develop an investment proposal.技术拥有方需要确信，其知识产权能够得到保护。合作双方也需要明确，约定的技术和支持能够依法提供并持续落实。如果缺乏这种确定性，企业可能根本不会着手制定投资方案。

An invitation to finance lasting capability携手为持久的能力建设提供融资

The invitation to financiers in Shanghai was practical: back businesses that use Chinese technology to build lasting Australian capability, and bring technology owners and Australian partners together. Ask who will fund development and improvement work in Australia, who can use the resulting improvements, and how each partner will earn from them.面向上海与会金融界人士，演讲提出了一项务实的倡议：支持企业利用中国技术，在澳大利亚培育持久的本土能力，并推动技术拥有方与澳大利亚合作伙伴携手。同时，需要明确：谁将为在澳大利亚开展的研发与改进工作提供资金，谁有权使用由此产生的改进成果，以及各合作方如何从中获益。The measure of success returns to the question at the start: what can Australian businesses and their people do five years later that they could not do before, and how has that strengthened the investor’s business?衡量成功的标准，回到了开篇的问题：五年之后，澳大利亚企业及其员工掌握了哪些此前不具备的能力？这些能力又如何增强了投资者自身的业务实力？The ambition is to work together on more investments that strengthen Australia’s industrial capability and help Chinese companies go further in international markets.我们的目标是携手促成更多投资，既增强澳大利亚的产业能力，也助力中国企业在国际市场走得更远。“China’s industrial advances can help Australia build greater productive capability of its own. The capability Australia builds can, in turn, help Chinese companies succeed internationally.”

“中国的产业进步可以帮助澳大利亚增强自身的生产能力，而澳大利亚由此培育的能力，也能反过来助力中国企业在国际市场取得成功。”

For AustCham China, the forum was an opportunity to put that proposition before an international business and financial audience, and to strengthen the relationships that make practical cooperation possible. With thanks to Bank of China and its team, the invitation is to build on those connections and bring more commercially viable partnerships into being.

对于中国澳大利亚商会而言，此次论坛提供了一个机会，向国际工商界和金融界阐述这一合作构想，并深化促成务实合作的伙伴关系。商会感谢中国银行及其团队的支持，并期待以这些联系为基础，推动更多具有商业可行性的合作项目落地。

“That is the investment bargain I invite us to finance.”

“这正是我倡议大家共同出资支持的投资合作模式。”

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