Opportunities to be realised in China

I, along with IPA deputy president Damien Moore FIPA and chief financial officer Brett Maloney FIPA, led the delegation, holding a series of meetings that provided an excellent insight into doing business in China and the cultural aspects that you need to be sensitive to.

The comprehensive technical program opened doors to enrich our knowledge of China’s significance for the Australian economy and gain detailed insight into the Chinese taxation system, the impact of the China-Australia Free Trade Agreement (ChAFTA), investment trends and opportunities. The trip also expanded our network of colleagues, with a vast network of IPA members in China and a focus on

innovation and technology, reforms to the retail sector, logistics, engineering and construction developments, and the operation of the accounting profession in China.

The delegation provided extremely senior interactions designed to explain the practical issues faced by Australian companies wishing to establish themselves in China along with advice to work through these issues to generate success.

We were fortunate to meet with the best and brightest of the business sector in China, such as:

• Professor Li of the National Accounting Institute – a renowned expert in China’s taxation system;

• Professor Zhang – chief economist of Ruihua Certified Public Accountants (an IPA member), one of the largest accounting firms in China with more than 10,000 staff;

• Mr Fang – CFO of Gome Holdings (an IPA member), one of the largest technology and retail innovation companies in the world with annual revenues in excess of AU$40 billion;

• The managing partner of Shining Commercial Tax Agent Firm (an IPA Member);

• The CFO of Cummins (an IPA Member);

• Nick Coyle, general manager of the Australian Chamber of Commerce in China; and

• The CFO of China Housing Corporation (an IPA Member)

We were also fortunate to meet with senior representatives from the Australian Embassy in Beijing,

AusTrade and the Victorian government Trade Mission Program. This was the first delegation to China and, based on its success, it will not be the last. We will look to pull together a further program for a 2017 delegation. I would encourage members to seize the opportunity when it arises next year.