On the morning of October 23, 2003, President Hu Jintao met separately with Australian business leaders and New South Wales Governor Marie Bashir and Premier Robert Carr.

During talks with Australian business leaders, President Hu was first briefed on the cooperation between Chinese and Australian companies. He spoke positively of the remarkable progress in China-Australia economic cooperation and trade in recent years. He said that in order to realize the grand goal of building a well-off society in an all-round way, we put forward the general plan to improve the socialist market economy mechanism and will build a more dynamic and open economic system. China will open up wider to the outside world, strive to build a stable and transparent external economic management system following the requirements of developing the market economy and WTO rules, continue to open markets in a steady manner and further improve the coordination mechanisms involving intellectual property rights management and protection.

Hu said that the Chinese and Australian economies are complementary to each other. With the Chinese economy fast growing, China's demands for energy and resources will continue to rise, and the two sides can establish long-term, stable and cooperative relations based upon mutual benefits through trade and investment, as Australia is richly endowed in energy and other natural resources.

He said that China's economic and consumption structures are changing, and demands for services like telecommunication, tourism, education and culture are booming. The two sides can strengthen cooperation in the above-mentioned fields, and China encourages Australian businessmen to more actively compete in the Chinese market. China's strategy to develop its western part and to revitalize the old industrial belt of the northeastern area offers increasing business opportunities, and China welcomes Australian companies to invest in China's Midwest and northeastern regions. We believe that the business circles of China and Australia will grasp opportunities from a strategic viewpoint and with a pragmatic spirit, work together and bring China-Australia economic cooperation and trade to new highs.

Australian business leaders said they represent the most dynamic economic departments and enterprises in Australia and the main body of Australia-China economic cooperation and trade. They were encouraged by the prospects of China's development and great potential of cooperation between Australia and China, and would take on challenges and work for the establishment of all-round economic and trade ties between the two sides.

Meeting with Bashir and Carr, Hu said New South Wales state and Sydney occupy important positions in Australia and are the first state and city to conduct exchanges and cooperation with China. The friendly cooperation between the two sides has brought concrete benefits to the two and boosted China-Australia relations. The Chinese government attaches importance to developing friendly relations and cooperation between China and Australia in various fields, and actively supports the provinces and cities of China to expand exchanges and cooperation with New South Wales and Sydney.

Bashir expressed admiration at China's rapid development and great achievements witnessed during her recent visits to China. She has profound feelings towards China. She also expressed willingness to push forward the exchanges and cooperation between New South Wales and China, saying strengthening Australia-China ties is conducive to stability and prosperity in the Asia-Pacific region.

Carr said China is New South Wales's third largest trading partner, and Chinese the second major local language. While the world faces poverty, inequality, terrorism and other serious issues, China's rapid development displays admirable vitality. The state would like to work with China in expanding economic, trade, cultural, educational and technological cooperation.