 Well now to bring our discussion to the day to a conclusion.. we're glad to have with us the Deputy Prime Minister and Treasurer of Australia, Wayne Swan. Wayne Swan has been the member for Lilly in Queensland since most of the time since 1993. Treasurer yn 2007 ac mae'r Prif Weinidog yn ystafell yn ystafell yma arall. Mae Treasurer yn y dyfodol o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud. Thank you, very much, Ross. It's great to be here with you all. It takes me back to my old days when I was a lecturer at the Queensland Institute of Technology before it became a university of technology. And of course in those days China certainly wasn't part of the broader economic debate, so I'm envious of what you've been able to do here in the last couple of days to have the opportunity to sit down and talk in detail over probably the most important change ond we will see in our lifetimes and perhaps in generations the rise of China, the shift in global economic weight from west to east and of course that change bringing very big changes to the global economy and very big changes to our economy and of course that then brings very big changes of course to the political landscape. You can't have a serious discussion about public policy anymore without a discussion about China and in its broader context a discussion about the Asian century. There is probably no treasurer of Australia who has spent as much time as I have thinking about China, its implications for the global economy, the role it's playing in driving a transformation of our economy. Because of events in recent years and I've been treasurer now for almost four years, because of the global financial crisis and the global recession, at one stage I was spending once every two months with partners, finance ministers from G20 economies. I was a joke that I was spending more time with finance ministers from G20 economies and I was spending with my wife. Such has been the degree of international discussion and cooperation and of course nowhere has that been more readily apparent than in our bilateral relationship with China but it also surfaces in discussions more broadly in APEC and other institutions in the region. And of course that has been absolutely imperative in putting in place domestic policy because if you can't understand what's going on globally and if you don't understand what's going on in our region then getting your domestic settings in place is indeed very difficult. So China's rise is driving fundamental changes in our economy. Of course as Ross knows better than many our economy has been through transitions before. But when I think about the Australia that I grew up in, it feels like it's almost a different universe today from what we had when I was growing up and going to Nambor High in the late 1960s. Life then was a lot more local. We knew the community around us but we did not necessarily know what was going on in the outside world. The jobs we did were different. We had a larger manufacturing and agricultural base. Jobs in the services sector were few and we didn't really feel part of the wider world, certainly not Asia. And of course the school I went to everybody was learning French or German and there wasn't an Asian language in sight and that didn't come until much later. Our economy then looked inward and of course our industries were shielded from the rest of the world but times have certainly changed a great deal since then. And they've changed because in Australia we've had reforming governments who've opened us up to the world as globalisation has started to take hold. We've become more open to the world and the world has become much more open to us and that has been a very good thing. The Hawking Keating Governments knew our future lay and being more productive and more effective at the things we did well. So they floated the dollar, brought down the tariff walls, modernised the labour market and opened our financial sector to greater competition. They embraced the region rather than hiding from it. These reforms transformed us into the open, vibrant, engaged and confident country we are today. And of course it has been to our lasting benefit. We are now a much richer economy. Australian GDP per capita today is more than two-thirds higher than its level of 30 years ago. We are much more innovative, we're much more nimble and of course we see strength in our flexibility. We've got different challenges now like spreading opportunity around our great country, leveraging the opportunities of the Asian century so that we can build a high-tech, highly skilled, low pollution economy. Now like Australia if you look back at China 30 years ago you also see a completely different country as well. A completely different country from when people when Gough Whitlam and Mick Young and Tom Burns made that initial trip to China. China's growth experience of recent decades is well known I think to everybody in this room. Over the past three decades the Chinese economy has grown 10% a year on average, equivalent to a doubling in size every seven and a quarter years. Cities and towns are now being transformed. Pudong and Shanghai has gone through a similar and dramatic transformation in the past two decades. Today it commands a famous skyline recognised around the world and has emerged as a financial hub of modern China. And you can say that about so many other parts of the country. In urban areas supermarkets are replacing the wet markets as the most popular food retail channels. But like any country the economic development path isn't always a smooth event and there are always challenges along the way. One of the challenges China now faces is the task of rebalancing its economy. Transitioning from the exported investment driven growth model of past decades towards one more orientated to domestic consumption. So there will be challenges but there's no doubting the fact that China's journey still has a long, long way to run. China is a giant of the past with an extraordinary future. Even after three decades of strong growth GDP per capita in China is still well below that of recently industrialised economies like Malaysia and South Korea. So there's an enormous amount of potential ahead. If China can maintain its growth it will be the world's largest economy by 2020 and even still its GDP per capita will be only one quarter of the United States. This economic transition is bringing tremendous opportunities for our country. China's rise has cancelled out some of the tyranny of distance that has dominated discussion of the Australian economy for much of the past 200 years. With the centre of the world economy shifting towards the Asia Pacific we can begin enjoying the benefits of scale and proximity that were denied to us while we held an Anglo-American centric view of our economic life. The immediate benefits are more visible and the explosion in demand for two of our most important commodities, iron ore and coal. Our terms of trade have risen to sustain levels not seen for more than 140 years. And the level of investment that is planned in our resources sector is unprecedented in our history and you can see that playing out today in terms of what's going on in the coal industry. Of course not all parts of our patchwork economy are benefiting from these developments. The high dollar that has come with our soaring terms of trade has made things higher for non-commodity trade exposed industries. With the shift that's going on in the global economy our responsibility now more than anything else is to manage the challenges of transition and to maximise the opportunities that will come from the Asian century. I've said before that this transition will impose changes in the structure of our economy as big as any, as big as any that we've seen before. And it certainly puts the current debate we're having about the economic impacts of a carbon price into some perspective. Just consider these facts. Gross national income has risen more than 30% over the past seven years as the terms of trade have increased over 50%. In contrast, putting a price on carbon pollution will mean national income is about a half a percent below where it would have been in 2020 and I think that puts it into pretty stark perspective. The mining boom is only one part of a much bigger and evolving story about the influence of China's rise on the world. The China story is not just a mining story. It's also a story of its dynamism and the spectacular growth we're seeing of its middle class. China's rapid growth is delivering hundreds of millions of people into the middle class. It's important here to distinguish between the complex and subtle process of middle classing and the simple processing of urbanising. Some of China's many millions of internal migrants have achieved lifestyles that qualify as middle class, but the vast majority have not, at least not yet. It is the present and prospective shift of China's current working class and working poor into empowered consumers that will mean so much to Australia into the future. In 1980, the income of the average Chinese citizen was 2% of that of an average American. In 2010, it was 16% of an average American. As Larry Summers has pointed out, the fact that these developments have influenced a population that accounts for one fifth of the world's people makes China's rapid growth one of the most important economic developments in our lifetimes. By the end of this decade, China could well pass the US as the world's single largest middle class consumer market. China's growing middle class will generate new consumer markets and new opportunities for Australian business in tourism, advanced education and of course other services that Australian companies successfully sell to the world today. Education is one and you'll be familiar with that. Tourism is another. There is enormous potential in those sectors alone before you go on to the ones that we have not even thought of yet or the ones that have yet to be invented. Of course, we've got the niche sectors as well. There are something like 20 Australian architectural firms present in China. Australian architects are designing innovative residential buildings that house the rising middle class and shopping malls where they spend their newly-earned wealth. Of course, I think everybody is aware of the Australian-designed Olympic water queue, which is now a landmark in Beijing. Tremendous opportunities also in agriculture. China has less than 10% of the world's land and one-fifth of its people. The north of the country is water poor. It suffers from the salinity issues which are well known to us here in Australia and its diet is changing in ways that will put extreme pressure on its agricultural sector to boost its productivity. Some of the rise in demand will spill to the rest of the world and once again here, Australia is well placed to take advantage of this. China's middle-classing won't just generate benefits for traditional markets but in high-end services, information and communication technology and clean energy. Now, if we are to capitalise on these opportunities then we need to stay on the front foot and our success will rely more than ever on having a highly skilled, highly mobile workforce. That's why we're investing heavily in education training and labour mobility programmes to help people make the changes that suit the economy of the future and to make sure they get the skills they need to succeed. That's why we're putting in place incentives to encourage and reward work. At the same time, we're investing heavily in infrastructure so all of our sectors, mining included but also manufacturing, tourism and anyone who wants to get goods and people in, out or around Australia can be effective. We're building a world-class broadband network so that we can allow Australian businesses to compete in ways that we can only now just begin to imagine. That's why we're building national savings through compulsory super and lifting compulsory super and that's why we are increasing our national savings up around 4% of GDP in the next two years. That's why we need a rapid fiscal consolidation. That's why we do need to reform our tax system. That's why we need to increase incentives to work. We have to do all of these things to ensure that we remain competitive, like cutting the company tax rate, reforming superannuation and reforming personal income tax as well such as we've announced in the last couple of days. All of these reforms have to be part of a very broad agenda to lift our productivity and to keep us competitive in this environment. We have to be in front of the big changes that are coming our way and that is why the government has been so determined to price carbon pollution. I've always believed as a nation that we are at our best when we embrace change rather than resisting change. That is exactly the point of addressing climate change. We can either choose to engage or we can stick our heads in the sand. We can either ignore the rising threat of dangerous climate change or begin the transition to a clean energy future and benefit from a wave of investment in renewable energy encouraged by a carbon price. We all know that the world is moving to cheaper sources of energy to power their businesses. If we're to stay competitive in the world we cannot ignore this shift. For a first rate, first world economy there is simply no alternative. But it also relates to what was being said earlier about all of this in the wider context. As a member of the G20 and as the developed world's largest emitter of carbon pollution per head, as a friend of the United States and China as well and as a useful and respected contributor to global debates we can no longer hope to be unnoticed in this debate. We can no longer hope to slip by saying one thing and doing another. We can no longer admit vastly more than our fair share of carbon pollution into the atmosphere. We can no longer sit by and watch the massive opportunities in the renewable and clean energy markets of the future simply pass us by. We can no longer stick our head in the sand. And the point is this, that China also recognises this reality. China is already leading the world in the uptake of renewable power. It's the biggest producer of solar panels that is installing wind turbines at the rate of one every hour. China has set the goal of reducing emissions per unit of GDP by 40% to 45% by 2020 and is planning to trial emissions trading in key provinces and cities. And as part of its shift to less energy intensive growth, China is currently shutting down high polluting inefficient coal power plants at the rate of one to two every couple of weeks. Now what does all of this mean for the Asian century? Well it means a century mark not only by a shift in economic clout to the region, but also by the rise of a more prosperous Asia, supported by cleaner economic growth. As China's weight in the global economy grows, so must its role in international forums. Australia has been a vocal and unremitting advocate of greater representation of emerging and developing economies in international financial institutions to reflect their growing weight in the global economy. Unlike the G7 or unlike the G8, the G20 represents east and west, the advanced and developing economies. Through the G20 both Australia and China are working more closely than ever before to strengthen the global economy and our places in it. As Treasurer now as Deputy Prime Minister, I have made it a priority to visit China on numerous occasions and in particular we are working quite closely with the NDRC and I'm sure some of our officials have spoken about that here today and indeed I do have an annual dialogue with the NDRC as well. There is an unprecedented degree of engagement between our two nations, driven by a mutual understanding of the complementarities of our two economies and these links do go beyond governments and I agree with what was said before, they have to go deeper. They have to be people-to-people context, they have to be business-to-business context. All of these things must be put in place. We cannot underestimate the importance of broadening the contact but the contact at the political level has been very significant in recent years. Not just through the Treasury, not just through the Department of Foreign Affairs, not just through the Department of Trade and there is an intensity and acknowledgement of the importance of continuing to broaden that contact, not just with China but also within the region more broadly. So China's transformation is changing the global landscape. It's changing how we think about the world and it's certainly bringing about a wave of structural change in the Australian economy. We can't expect to sit back and wait to be swept up in China's wake. We have a huge job to do here to leverage the opportunities from the changing global landscape and to build a highly skilled, high tech, low pollution economy. The opportunities for our country are vast and it's my belief that we are really on the verge of something special if we're willing to get the policy settings right. We can turn higher commodity prices into higher education and better jobs for more Australians. We can have an economy where workers and businesses are dynamic, where they can and do embrace change and they take advantage of it. And we can have an economy where investments in the renewable energy and clean energy technologies of the future are encouraged by a carbon price. Thank you very much. The Deputy Prime Minister is happy to take questions and I'm sure there'll be plenty. A very strong call to arms, drawing attention to the great opportunity if we get the policy settings right who'd like to begin the questions. We heard earlier today about the importance of improving and extending the flow of the Chinese currency we've been bringing into the international global markets. We've heard an awful lot from others including yourself about the importance of trading out Chinese and Australia's important destination of Chinese foreign investment. There have been issues in the past so in China where your office, not me personally, that foreign investment has been closely examined as far as Chinese foreign investment has come into Australia. Perhaps some of that examination has been influenced by political factors. My question to you is super. One, the extent to which Australian bonds will be picked up and expressed in terms of the Chinese currency, some of the Chinese in India comes more of a global currency than is present, and whether that has impact adversely from your perspective on Australia. Secondly, whether Australia will continue to not only welcome by inviting Chinese foreign direct investment into Australia, any doing so that there are any limitations on the areas where that investment will go? Okay, that should take me about half an hour. There's some really important points in there and I'll endeavour to deal with them all briefly. I'm going to make it very clear that the Australian government welcomes foreign investment. We have been for all of our history a capital-hungry country and we could never have got to the level of development we've got to without very significant foreign investment. And it follows from that, and given everything that I've said to you today, that with the prospects of development ahead we are going to be even more hungry for foreign investment into the future. Yes, we do have a task before us to lift our domestic savings, we must do that. But the nature of the development of this country that's coming down the pipeline and the $430 billion worth of investment that A-Bears has identified means there is a lot more foreign capital coming our way. And to maximise the opportunities of the Asian century and the growth of China, we will require foreign capital. So we welcome foreign capital. We in this country have always screened foreign investment and we still do when we apply a national interest test. And I'd argue very strongly that that is absolutely imperative to continue to do that in an open and transparent way. If the population of this country is to have faith that it will maximise the opportunities that will flow from that investment and if investors can have faith that they will be treated fairly and get a fair rate of return on their investment. So it's a balance between the two. Now when we came to government, the government decided to publish some additional screening guidelines under the national interest test for state-owned enterprise investment. There was some controversy about that. There were discussions at senior levels between the Australian government and the Chinese government over that. There was a dialogue with the business community about it, but I believe that the publication of those guidelines was absolutely essential to making sure that the flow of Chinese investment in this country in the future continued to come here strongly. And it has. We published those guidelines. I think there's been only something like six applications that have been in some way changed as a result of the application of a national interest test. But the Australian public have faith that we have a screening process which puts in place the sorts of benchmarks that we do require for any investment in this country. And what are those benchmarks? That there is a benefit to the local community, that the market remains competitive and there are more, but I don't have time to go through them today. But since the publication of those guidelines, which complemented the existing approach, state-owned enterprise investment from China this country has been very, very strong. And indeed not just from China, but from around the world and from other state-owned enterprises in other countries as well. Now you raised the question of the exchange rate. I've said on many occasions through the debate we have in the G20 about the framework for strong and balanced growth that Australia's preference is to see market-based exchange rates. It's very important that developing countries, as they look to reform the structure of their economy, put in place structural reforms like floating exchange rates, but also structural reforms to deal with competition in their economies, infrastructure provision, retirement incomes, all of those issues which go to the core of those economies becoming more productive. I don't think we're necessarily going to see a lot of change in terms of the Chinese currency and its interaction with us of the type that you described until we see a Chinese exchange rate which is truly market-based. There are steps along the road that can be taken, but the Chinese will take that decision in their own interests and in their own time. What we can do through our G20 processes is urge countries like China to move their exchange rates to a more market-based mechanism, and that's what we do. As I'm sure you're aware, I'm wondering how valuable that experience is to Australia's policy makers. In addition, what sort of extension or addition to the close economic framework that Australia has in the head, what experience can we bring from that to relations with China? Well, if we could get the deal that New Zealand got, we might have done a deal. It's obviously been a very worthwhile exercise, but as was being said before, the current free trade negotiations have been going on for a long time, and we will have to continue to engage and work very hard on developing that. I can't provide any further foresight into the negotiations at this stage, but we're going to do our best to get the best outcome for both countries. I'm pleased you've asked me the question because tomorrow night I'm flying to New Zealand. I'm going there for my annual dialogue with the New Zealand Finance Minister, and it's true to say that the agreement that was struck many years ago has been magnificent for both countries. It's worked very well. We're continuing to work on refining it, and I'll be discussing a number of those issues at my counterpart in New Zealand on Thursday morning. And we're just getting the mic along to Grant. No, this happens to me all the time. You're the best start-up beginning of a strategy project. Well, my question is, I would like to look back at these opportunities that require Australia on the same thing, and it's not my own question. Well, I don't know why you assume that you'll agree with their advice. The Treasury is much more engaged internationally, as you're probably all aware. In fact, recently we've just posted a Treasury officer to India for the first time. You might be aware that we have a number of Treasury officers in Indonesia. We have them in China, we have them in the United States, and of course we have them now and have had them for some time in P&G. And yes, it is true that they're advising the government on setting up a sovereign wealth fund. Very important. We have a sovereign wealth fund in Australia, it's called the Future Fund, and some people argue that we need another one, and there is a confused discussion about why we need it. Some see it as a way to sort of even out surges of income. Other people argue that we're getting such a bounty of revenue from the boom that we've got so much scope in our current budget we can just lock a lot over there and it'll be there for a rainy day. Neither of those are true, in my view. The fact is that when we came to government, we came to government at probably the height of Mighty Boom Mark 1, which disappeared in a global financial crisis in the global recession, and so did most of the revenue, and it still hasn't come back. And one of our challenges in recent budgets has been to bring our budget back to surplus without the surge in revenues flowing from a commodity boom. The flow of revenue in Mighty Boom Mark 2 was nothing like the flow of revenue in Mighty Boom Mark 1, and I can take you through that very briefly. Mighty Boom Mark 1 was largely about the expansion of existing mines, where most of the capital had all been sunk in. We are currently in an expansion of mining, which is very capital intensive, and much of that investment has been written off, and we are not necessarily going to see the sort of revenue flow from that for a long time to come. And on top of that, there are still a lot of losses which have been accumulated from the global financial crisis, which is still running through our revenue. So there's no huge surge of revenue in Mighty Boom Mark 2, which people imagine is there that we can just take away and drop in a sovereign world fund. And the other thing is that we still are bedeviled by pretty significant capacity constraints in our economy, and if we are going to maximise, the opportunity is flowing from Mighty Boom Mark 2 without an inflationary surge, and we need to deal with those. Now that doesn't necessarily have to be through public investment, and we're certainly very eager to leverage as much private investment as we can in the infrastructure we require to make our economy work efficiently. And we have a very big task before us in that regard. So there's not the surge of revenue. Do I rule it out for the future forever? Not at all. But at the moment it doesn't suit our economic circumstances to move that way, and that's just a couple of the reasons why that's the case. My question goes to the Australian American alliance. How does Australia plan to balance between the important time for China one hand with the alliance on the other? I think this becomes particularly important in terms of the difference in the government systems. Well, we do occupy a unique place in the three-way relationship, if you like, but it's not just with China. What I've observed through my participation in the G20 is that Australia has the great and unique advantage of being in the region, but also being a developed economy which looks north, not necessarily always to the United States. And in many ways we have seen as being relatively independent and between the developed world and the developing world, a developed economy in the developing world, but with an outlet which is very supportive of sympathetic and empathetic towards the developing world. And I hope that we've cemented that reputation through what we've done in government and what we've been able to do in the G20, in particular in support of making sure that emerging economies in the G20 got a fair go. We, along with South Africa, work very hard to reform the IMF and to reform representation at the IMF, which is now entrained and coming through. And we've done and worked with the emerging countries in the G20, but also through APEC in many other ways to try and work with them to enhance their capacity. There's a whole capacity building exercise going on through APEC at the moment where Australia is providing a lot of leadership and working very closely with a number of countries closer to us in our immediate region. So what I would say is that we are seen as being a developed economy which is in the Asian region and which has deep links in the region. And that does put us in a position where we can talk to various groups in the region in a way in which other developed economies cannot. And that, I think, is a very big advantage for us. It's a good year to you. I had a question about the... I'm interested in your thoughts on how that's been in the process of having leaders included beyond what's going on in the survey. Well, it's completely changed it. My first meeting of the G20, which was originally just the finance ministers, and it was a body that came out of the Asian financial crisis, was in fact an emergency meeting that was called to Cullinside, but the IMF meeting that was in Washington towards the end of 2008. This was really at the height of the global financial crisis and what became the global recession, beginning to sweep through the developed world. That was a meeting where in the afternoon we'd attended the IMF session and we were then given a presentation from Oliver Blanchard about the fact that the global economy was about the fall of a cliff. Ministers around the room were pretty concerned. An emergency meeting of G20 finance ministers, partially at the urging of Australia, was called. It was called not knowing then that our engagement with the United States about this issue had got to the point that the American president decided to turn up unannounced at that meeting that night. It was to George Bush's great credit that he came to that meeting and talked to the G20 finance ministers around the world about what a problem America had given to many of the developed and developing economies in the world, and that America would show some leadership to ensure that we found a path through the emerging crisis. He had obviously decided when he addressed us that evening that in fact he was going to then call together leaders to have the first G20 leaders meeting which was subsequently held in Washington a month or two later. What I think really struck a chord in the meeting that night was that the emerging world felt that for the first time someone had actually listened to them and listened to them in a forum that might just matter. So when leaders met in Washington a couple of months later they felt that for the first time there was now a body in which they had a stake and that has been the evolution of the G20 leaders meeting. Previously a finance ministers meeting which didn't really deal with the overall shape of what was going on in the global economy and in balances but was caught I think talking about a whole lot of discrete topics but not the whole. I think what it has meant is that there has been much much more engagement between the developed world and the developing world through the G20 and through the leaders meeting and finance ministers meetings. I think I attended nine G20 meetings in total through 2008 and 2009. That meant that essentially I was at a G20 finance ministers end all leaders meeting if you take away Christmas holidays and all the rest of it about once every three weeks. What that actually presented was an unprecedented opportunity for people who rarely ever went into each other to get together pretty regularly. So at the finance ministers level what it has meant is an unprecedented degree of contact between them on issues which are much broader. So I will frequently talk to a G20 finance minister by phone during any fortnightly period about a whole range of issues whether it's the evolution of what's happening with international financial regulation and banking reform or what's going on in the IMF. I don't think it ever worked like that before. So what you now have as a result of the G20 with all of its imperfections is a situation where a wider group of people, the 20 largest economies developed and developing are regularly meeting and having a dialogue about the challenges. Now we might always get the results right. There's a lot of criticism of where the G20 is going but I'll tell you what it sure as hell beats the G7 or the G8. It's necessary for cities, it's necessary for infrastructure to present Chinese investment in Australia. It also has a role as an infrastructure. It seems like a party pool should be provided by the government. But in Australia it's kind of different because a lot of infrastructure has to be invested by the private sector and as a result that's for a lot of Chinese investment in Australia because of the infrastructure problem it has a very negative image in China. So I wonder why the Chinese government advocates enough budgets for improving the Australian infrastructure. Thank you. One of the reasons we need to have foreign investment is precisely to provide the capital to provide the infrastructure. So it's a bit of a catch-22. But could I just make the point that this country has always been developed by a lot of our infrastructure has always been provided when it comes to resources by foreign investors, not just the Chinese. The Japanese have provided an enormous amount of investment into economic infrastructure in this country. It's always been welcome and so has the Chinese investment. I think that we have a broadened contact. We have to make sure that we engage at every level. The Chinese will reform their economy at their pace in the future. I think that we have to make sure that we engage at every level. The Chinese will reform their economy at their pace in the future. I think we've just got a broadened contact. We've got to make sure that we engage at every level. The Chinese will reform their economy at their pace in their time. They're not going to be directed in how they do that by others. But we have a very strong relationship. It's a beneficial relationship. It goes both ways. But it's got to ultimately only come through not just political contact, but people-to-people contact, industry contact, academic contact and all the way through. I just don't think it's any more complex than that. Mr Trofio, I'm going to drop a candle on that, a native of Canberra, within and around this university, but for the last eight years I've been resident in Beijing. And to that end, I'll be very pleased with the general sense of optimism and opportunity of that 30th day. But I wonder, what is the use of this sort of relationship? How are places in Australia to deal with it? Well, I think for all the reasons that I've indicated before, we are engaging at every level. I don't prefer to look on the downside. I prefer to always look on the upside. I don't see any particular factor which is a risk to the relationship if we continue to do what we're doing now, treat each other with mutual respect and to treat each other fairly. But there will always be tensions in a relationship over issues. Some may be economic, they may be border than that. But I think our relationship is in pretty good nick. We can always do more, but we've just got to keep working at it. Just two more questions, Sherry, and then over here, and then we'll give the treasurer a rest after a long and patient and careful answering of questions. Well, we put a lot of time into the bilateral relationship directly with China, but we also take very seriously our relationships in APEC. But more broadly, there's been a discussion about the extent to which finance ministers might play a broader role through the East Asian summit. But that is yet really to come to fruition. Certainly, we come to that with a view that we would like to see that evolve, but everybody has to agree to that, and that's a work in progress. But a lot of importance on the regional relationships as well. What are you, the most, of course, thinking that sort of industry that China and Australia have always... Well, I would hope we could do a lot more renewable energy. A lot, lot more. Well, thanks, Deputy Prime Minister. What we've heard from Deputy Prime Minister and Treasurer is a thoughtful and careful review of opportunities in the relationship from someone who's been more deeply engaged in the China relationship than any of his predecessors, that within a broader regional and global perspective, thanks, Treasurer, in particular, for the very personal observations from G20 meetings and other contacts. That's that intensification of our relationship with other important economies in the world. A special feature of the last couple of years, which will help shape institutional arrangements long into the future, and we've had a privileged view of that today. So thanks very much for that. Maybe I'm just going to wind things up. Do you want to speak to Vice Chancellor? Well, that brings a very productive day to an end, and I'd just like to extend a few thanks. Thanks to the Vice Chancellor, and Ian Young has come into the position offering very strong support for the work of the ANU on Asia-Pacific matters, and I know that's deeply appreciated, Vice Chancellor. Thanks for joining us this morning and again this afternoon. Thanks to the sponsors of the conference. This is part of the ANU's partnership with Rio Tinto. Thanks to Rio Tinto. Os Aid has again provided important support for Chinese scholars to join us. ANU's E-Press has again brought out a book under a formidable timeline, managing again to bring it out the day before the conference. Thanks to ANU E-Press, and of course thanks to all of the contributors to the book, many of whom have presented from their chapters today for also working within those daunting timelines. Biggest thanks of all to Lee Gung Seung and Jane Golly, who've edited the book, contributed to the book and brought today's program together, and that involves working and managing the productive and intense networks that ANU has with scholars on China, back into China and throughout the world. It's a lot of work I know from the past, Lee Gung and Jane are doing a tremendous job of that now. Thanks for that. And Jane's now doing that from her new position as Associate Director of the Australian Centre on China in the World. A big addition to Australia and the ANU's research capacity on China, it strengthens all of our work and so we thank Jane personally and also thank the Centre for the Cooperation. The organisation for the day was carried by Dennis Candy, thanks Dennis for all of that. You've seen around the magazines from the East Asia Forum, the East Asia Forum and the people who work with it are an important part of the institutional framework for all of ANU's work on China. Thanks to the East Asia Forum for all of that help. And thank all of you for again making it such a productive day. It's the interaction with people interested in the Chinese economy from many places that makes this such a strong event every year. We've enjoyed being with you today and look forward to seeing you again next year.