Australia Week in China Commences; $A Rallies with Chinese Stock Hike

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By Athena Yenko | April 9, 2014 4:54 PM EST

The Australia Week in China (AWIC) commences as announced by Minister for Small Business Bruce Billson.

AWIC happens from April 8 through 11.

AWIC reaffirmed Australia's desire to establish a stable tie with China across trade, investment, education, tourism and at the cultural and community level.

The event in Guangzhou features 10 major industry sectors in food and beverage, agribusiness, financial services, education services, mining and mining equipment, technology and services, built environment, tourism and health and senior living.

AWIC is a historic and unique opportunity for both small and medium businesses in Australia to invest in partnerships, collaborations and relationships with Chinese counterparts.

AWIC is also the largest Commonwealth-sponsored trade mission, bringing 680 businesses registered for the delegation.

"Australia Week in China is about expanding our trade and investment ties and helping Australian businesses of all sizes grow, expand and create more jobs. As Minister for Small Business, I am particularly committed to opening the door for small businesses to access opportunities to develop and grow their businesses in new markets and to provide more jobs locally. China is an attractive place offering delicious opportunities to grow our international small business export market which currently stands at $1.25 billion," Mr Billson said in a statement.

"I am proud to be part of Australia Week in China. This should leave absolutely no one in China in doubt that Australia is open for business," he added.

Meanwhile, the Australian dollar reached a six-month high, following a price hike in Chinese stocks.

The Australian dollar was trading at 93.17 U.S. cents at 1700 AEST on Tuesday up from 92.84 U.S. cents on Monday.

"It's surprising to see the Aussie bouncing back as sharply as it has. After yesterday's holiday China has come back in a very good mood. The Shanghai Composite is up, led by a rise in financial stocks, more specifically insurers, after new rules were brought in allowing mergers in that sector that was previously prohibited," Westpac senior currency strategist Sean Callow told The Sydney Morning Herald. 

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