Seminar and Policy Dialogue on enhancing the …mams.rmit.edu.au/sx2397qsj8u5.pdf · Seminar and...
Transcript of Seminar and Policy Dialogue on enhancing the …mams.rmit.edu.au/sx2397qsj8u5.pdf · Seminar and...
Seminar and Policy Dialogue on enhancing the investment environment in
Asia-Pacific Economic Cooperation (APEC) and Association of Southeast Asian
Nations (ASEAN) economies
BEIJING FRIENDSHIP HOTEL, 1 Zhongguancun South Road, BEIJING
16 -18th
SEPTEMBER 2013
Organised by the Australian APEC Study Centre at RMIT University (AASC), the Asian
Development Bank Institute (ADBI), the China University of Political Science and Law (CUPL)
and the University of Canberra
Introduction
The seminar and policy dialogues in this activity are a component of a multi-year program aimed
at enhancing the investment environment in the economies of APEC and members of ASEAN.
It is funded by AusAID and with additional support from the Asian Development Bank Institute.
Major international and regional organisations whose purpose is to promote and monitor
investment flows, business, APEC and ASEAN officials and academics will be invited to be
involved in these activities and in the program over the next three years.
Purpose
These meetings are aimed at improving the efficiency and effectiveness of investment
procedures, enhancing constructive stakeholder relationships/international cooperation and
establishing effective monitoring and review mechanisms for investment procedures. These are
some of the major objectives set out in the Collective Action Plan 2012 prepared for APEC by the
APEC Investment Experts’ Group.
Activities in Beijing
Over the three days there will be two major activities involving research and institutional
capacity building.
The first day is a seminar which will consider contemporary developments in global and regional
investment flows and then focus on research on quantifiable measures on investment policies,
focusing on such areas as taxation, profit remittances and equity ownership. This will involve the
presentation of research findings by Professor Sinclair Davidson, Professor of Economics,
College of Business, RMIT University, Melbourne and by Mr Jonathan Coppel, who is
Commissioner of the Australian Productivity Commission and a former Senior OECD Official. The
research presentations will lead into broad ranging discussions involving senior officials and
experts on the value of quantitative measures and their value as measures to promote
investment flows. This work will assist policy makers in the development of practical tools to
help investors make better informed decisions at the investment planning stage. It is intended
that the research be published and disseminated within APEC and ASEAN and made available to
Ministers and Leaders.
The second day, a policy dialogue, will focus on investment regimes in the APEC and ASEAN
regions generally and specifically on policies in relation to the investment activities of sovereign
wealth funds (SWFs) and state owned enterprises (SOEs). Investment flows from these sources
is relatively small in the totality of investment flows but becoming increasingly important. There
are concerns on such flows by both SWFs and SOEs over decisions by capital importing
economies on the role and purpose of investments by SWFs and SOEs. Some guidelines relating
to such investments have been developed in various international groups, including the
International Working Group of Sovereign Wealth funds and the OECD. The seminar will
consider contemporary developments in such flows with the purpose of assessing the scope for
narrowing differences between investing and destination economies, with a view to developing
or adding to best practice principles relating to such flows. An important aspect of the APEC
Investment Action Plan is to improve the dialogue between stakeholders with a view to
enhancing investment flows.
Senior policy makers from APEC and ASEAN economies and the Secretariats of both APEC and
ASEAN will participate in the dialogue as will representatives of SOEs, SWFs, regional and
international experts, business and academics. It is intended that a report on outcomes will be
made available through senior officials to APEC and ASEAN ministers and leaders.
The third day of the policy dialogue is a conference (the second of such conferences) on China –
Australia investment relationships. This will explore the economic benefits of the two-way
investment flows and the legal processes that govern those flows. Links between the discussions
on any key relevant points arising from the seminar and the policy dialogue in the preceding two
days will be drawn into this conference. All participants involved in the preceding two day work
will be invited to also participate in this conference.
Participation
Senior Officials responsible for investment policy decision formulation and decision-making have
been invited to participate from the following APEC economies: China, Chile, Indonesia, Mexico,
Papua New Guinea, Peru, Philippines, Thailand and Vietnam. Delegates from ASEAN and non-
APEC/ASEAN economies have been invited and funded by the ADBI from Lao PDR, Cambodia,
Myanmar, India, Pakistan and Mongolia.
Presenters have been invited from the World Bank, OECD, APEC Business Advisory Council, the
APEC Investment Experts’ Group, and from partner organisations as well as senior officials,
industry experts and academics.
The program will be coordinated by Ken Waller, Director, the Australian APEC Study Centre at
RMIT University (AASC) in collaboration with Professor Xiang Gao, Dean, College of Comparative
Law, China University of Political Science and Law (CUPL) and Adjunct Professor Gerard Brennan
and Dr Geoff Nicoll of the School of Law, University of Canberra (UC), and Dr Yuqing Xing,
Director, Capacity Building and Training, Asian Development Institute (ADBI).
DAY ONE – Monday 16th
September 2013
Venue: Conference Room 5, 1st
Floor, Building 8
Friendship Hotel, 1 Zhongguancun South Road, Beijing
Seminar Theme: Overview of global and regional investment flows: Quantitative measures to
demonstrate improving investment environment
8.45 – 9.00 Registration
9.00 – 9.45
Session 1: Welcoming Ceremony
- Mr Ken Waller, Director, the Australian APEC Study Centre (ASSC) –
Welcome guests and participants
- Professor Xiang Gao, Dean, College of Comparative Law, China University
of Political Science and Law (CUPL) – to introduce guest speakers
- Professor Huang Jin, President, China University of Political Science and
Law
- Mr Zhang Xiaoqiang, Vice Chairman, China National Development and
Reform Commission (NDRC)
- HE Ms Frances Adamson, Australian Ambassador to China
9.45 – 10.00 Group Photo
10.00 – 10.15 Session 2: Overview of Program
Presenters:
- Professor Gao Xiang, CUPL
- Mr Ken Waller, AASC
Synopsis
Introduction to the seminar and policy dialogue, including outline and objectives
of the program and intended outcomes.
10.15 – 11.00 Session 3: Review of global and regional trends in investment flows
Moderator:
- Professor On Kit Tam, Deputy Pro Vice Chancellor, Business-International,
College of Business, RMIT University
Presenters:
- Mr Andrea Goldstein, Senior Economist, OECD: Contemporary trends in
global investment flows; impact of the GFC; critical factors affecting
recovery and growth in global investment
- Dr Yuqing Xing, Director, Capacity Building and Training, Asian
Development Bank Institute: Asian intra-regional trends in investment
flows; key linkages with trade flows; supply chains; outlook for recovery
and growth
The session will include Q&A involving all participants and presenters
11.00 – 11.15 Morning Tea
11.15 – 12.30
Session 4: Value of quantitative indicators to assess the impact of certain
policies to enhance investment flows in APEC and ASEAN economies:
Presentation of research findings
Moderator:
- Mr Ken Waller, AASC
Presenters:
- Professor Sinclair Davidson, RMIT University
- Mr Jonathan Coppel, Productivity Commission, Australia
Synopsis
This session will consider the results of research undertaken by Professor
Davidson and Mr Coppel and will assess the value, benefits and limitations of
certain investment incentive policies.
12.30 – 14.00 Lunch
14.00 – 15.15 Session 5: Comparison of research findings with international investment
indicators
Moderator:
- Mr Jonathan Coppel, Productivity Commission, Australia
Presenter:
- Mr Andrea Goldstein, OECD
Discussants:
- Professor Sinclair Davidson, RMIT University
- Mr Andrea Goldstein, OECD
Synopsis
The session will compare and contrast the research findings discussed in
Sessions 4 with investment indicators developed by the OECD and the World
Bank and will examine how quantitative measures arising from the research can
contribute to investment policies to enhance investment flows. Issues to be
addressed will include:
- How does the OECD construct quantitative and qualitative indicators to
measure investment flows?
- Do OECD measures differ from research findings?
The session will include Q&A involving all participants and presenters
15.15 – 15.30 Afternoon Tea
15.30 – 16.30
Session 6: Options in further development of indicators and institutional
capacity needs
Moderator:
- Mr Carlos Kuriyama, Senior Analyst, Policy Support Unit, APEC Secretariat
Discussants:
- Mr Jonathan Coppel, Productivity Commission, Australia
- Dr Melanie Milo, Assistant Director and Senior Economist, ASEAN
Integration Monitoring Office, ASEAN Secretariat.
Synopsis
This session will discuss prospective further developments in indicators aimed at
supporting assessments of investment environments and policies to attract
foreign and domestic investment flows in regional economies (by, for example,
the World Bank, the OECD and ADBI) and the capacity needs of investment
policy agencies in the region to utilise and benefit from indicators, including the
research on quantitative indicators discussed in this seminar. Issues to be
addressed could include:
- What, if any, new indicators are being developed? What do they aim to
measure?
- Are there any initiatives in ASEAN to develop capacity to measure
investment flows? How will such indicators, if any, be used?
The session will include Q&A involving all participants and presenters
16.30 - 17.15
Session 7: Using quantitative indicators in policymaking to promote
investment flows. An assessment of benefits and risks.
Moderator:
- Dr Yuqing Xing, ADBI
Discussants:
- Mr Carlos Kuriyama, APEC Secretariat
- Dr Melanie Milo, ASEAN Secretariat
- Mr Andrea Goldstein, OECD
Synopsis
This session will provide an overview of the day’s discussions including an
assessment of the value of quantitative measures of policies aimed at enhancing
investment performance, the limitations and risks of such tools and institutional
capacity needs in Asian economies in the use of those tools to benchmark
investment performance.
Other presenters and participants will be invited to provide their comments, and
Dr Yuqing Xing will provide concluding remarks.
DAY TWO – 17th
September 2013
Venue: Conference Room 5, 1st
Floor, Building 8
Friendship Hotel, 1 Zhongguancun South Road, Beijing
Policy Dialogue: Theme: Enhancing the investment environment in APEC and ASEAN economies
8.45 – 9.00 Registration
9:00 – 9:15 Session 1: Introduction
- Mr Ken Waller, AASC
9:15 – 10:45
Session 2: Reducing barriers to investment growth
Moderator:
- Mr Ken Waller, AASC
Presenters:
- Mr Xavier Forneris, Senior Investment Policy Officer, Investment Climate
Department, the World Bank Group
- Mr Andrea Goldstein, OECD
- Mr Shintaro Hamanaka, Economist, Office of Regional Economic
Integration, Asian Development Bank
Synopsis
The session will examine key barriers to investment flows, both domestic and
foreign – globally and in the Asia Pacific region – and policy options promoted by
World Bank, the OECD and ADB to enhance investment flows
The session will include Q&A involving all participants and presenters
10:45 – 11:00 Morning Tea
11:00 – 12:30
Session 3: Factors impacting on decision making by State Owned Enterprises
and Sovereign Wealth Funds in their overseas investments and on the decision
making of recipient economies/countries of such potential investments
Moderator:
- Mr John Taylor, International Director, Berwin Leighton Paisner LLP
Discussants:
- Dr Gao Xiqing, Vice Chairman and President, China Investment Corporation
- Mr Peter Van de Maele, Senior Advisor, Foreign Investment and Trade
Policy Division, the Australian Treasury
- Mr Andres Reid Tagle, Investment Executive, Crowdfunding Director,
International sub division Pro Chile, Ministry of Foreign Affairs, Chile
Synopsis
This session will focus on the relevance of commercial factors and/or geo-
strategic considerations of their host governments in investment decision
making by SOEs and SWFs and the factors shaping decisions by recipient
governments in response to potential investment applications by SOEs and
SWFs. It will also consider barriers and ways to eliminate them in investments by
SWFs in overseas mutual and pension funds. Issues to be addressed will include:
- What are the key factors driving investments made by SOEs and SWFs?
- What are the policy considerations taken into account by national agencies
in capital-recipient economies?
- Are there any non-prudential restrictions on SWFs (including pension funds)
to invest in regional infrastructure projects?
The session will include Q&A involving all participants and discussants.
12.30 – 14.00 Lunch
14.00 – 15.30
Session 4: An assessment of the efficacy of International and regional
arrangements to safeguard the interests of major stakeholders in investment
decisions relating to SOEs and SWFs
Moderator:
- Mr Andrea Goldstein, OECD
Discussants:
- Mr John Taylor, Berwin Leighton Paisner LLP
- Mr Xavier Forneris, the World Bank Group
- Mr Wayne Golding, Director, Kina Securities Limited and ABAC member
- Senior Official, National Development and Reform Commission, China
(TBC)
Synopsis
This session will focus on international arrangements, such as the OECD
Principles and the Santiago Declaration, which aim to enhance predictability and
transparency to encourage investment flows. Issues to be addressed could
include:
- Strengths and weaknesses of existing international and regional codes and
policies, including TPP negotiations.
- What reforms to national policies can improve confidence and
predictability in decision-making by SOEs and SWFs?
- What changes in practices of SOE/SWFs can assist national agencies in
their investment review and decision-making practices?
The session will include Q&A involving all participants and discussants
15.30 – 15.45 Afternoon tea
15.45 – 17.00
Session 5: Panel discussion on how to promote greater dialogue, transparency
and predictability in investment regimes and policies, with particular reference
to investment decisions relating to SOEs and SWFs, with the objective of
enhancing investment flows in the Asia Pacific region
Moderator:
- Mr Carlos Kuriyama, APEC Secretariat
Panellists:
- Mr John Taylor, Berwin Leighton Paisner LLP
- Mr Peter van de Maele, The Australian Treasury
- Ms Vanessa Wang, FSA, Managing Director, Region Head of Pension
Services, Asia Pacific Securities and Fund Services, Citigroup
Synopsis
This session will highlight the key issues and suggestions raised in earlier
sessions. It will also explore ways to reduce barriers in investment decision
making affecting investments by SOEs and SWFs in other economies/countries
and to assess if there are ways to improve the investment environment in APEC
and ASEAN economies by enhancing transparency and predictability in decision
making so as to promote more cross-border investment flows.
The session will include Q&A involving all participants and panellists
16.45-17.15 Session 6: Concluding comments
- Mr Ken Waller, AASC
- Professor Xiang Gao, CUPL
18.30-20.30 Seminar Dinner
DAY THREE – 18th
September 2013
Venue: Conference Room 5, 1st
Floor, Building 8
Friendship Hotel, 1 Zhongguancun South Road, Beijing
A Case Study: The Second Australia China Investment Relationship Conference
8.45 – 9.00 Registration
9.00 – 9.30
Session 1: Welcome
Moderator:
- Professor Xiang Gao, CUPL
Presenters:
- Professor Zhang Baosheng, Deputy President, CUPL
- Dr Geoffrey Nicoll, University of Canberra (UC)
9:30 – 10:45
Session 2: Overview of “The China Australia Investment Relationship”
Moderator:
- Mr Adam McKissack, Senior Australian Treasury Representative, Minister-
Counsellor, Australian Embassy Beijing
Presenters:
- Dr Geoffrey Nicoll, UC: “Issues for research following the 2012 Conference”
- Dr Ligang Song, Crawford School, ANU: “The China Australia Investment
Environment in 2013”
- Dr John McLaren, University of Wollongong: “Tax Thresholds and
Incentives for Improved Investment Flows between China and Australia”
Synopsis
This session will provide an overview of the environment for the China Australia
Investment Relationship in 2013 and the trends, opportunities and challenges
lying ahead.
The session will include Q&A involving all participants and presenters
10:45 – 11:00 Morning Tea
11:00 – 12:30
Session 3: Foreign Investment in China and Australia
Moderator:
- Adjunct Professor Gerard Brennan, University of Canberra
Presenters:
- Mr Malcolm Brennan, Partner, King and Wood Mallesons: “Report of the
Senate Rural Affairs Committee on Foreign Investment and the National
Interest”
- Dr Alan Davidson, University of Queensland: "A Practical Guide: Australian
Foreign Investment Review Board Rules"
- Professor Kong Qingjiang, CUPL: “China’s Review Processes for ODI in
2013”
Synopsis
This session will review significant developments in the law, policy and
regulation relating to FDI and ODI in China and Australia. The session considers
the likely impact of these changes on enhancing or restraining two-way
investment and assesses. Presenters will draw on new policy announcements
and procedures by the Foreign Investment Review Board in Australia and by
relevant agencies in China.
The session will include Q&A involving all participants and presenters
12.30 – 14.00 Lunch
14.00 – 15.00
Session 4: Corporate and SOE Governance in China and Australia
Moderator:
- Professor Xiang Gao, CUPL
Presenters:
- Ms Jenny Fu, University of Canberra: “Governance of listed SOEs in China:
the Rise of a New Model?”
- Mr Xiaoguang Wang, Director, Beijing Rongzhi Institute of Corporate Social
Responsibility
- SASAC or a Central SOE (TBC): “Corporate Governance in the Central SOEs”
Synopsis
This session will review the developments in law and policy identified in 2012 as
central to improving the governance of both SOEs and corporate entities in
China and Australia.
The session will include Q&A involving all participants and presenters
15.00 – 16.00 Session 5: Developments in the Financial Systems of China and Australia
Moderator:
- Dr Geoffrey Nicoll, UC
Presenters:
- Mr Armstrong Sheng Chen, Deputy Director, China Banking Regulatory
Commission (CBRC): “Chances and Challenges”
- Professor Zhu Weiyi, CUPL: “Encouraging Institutional and Portfolio
Investment In China”
- Dr Geoffrey Nicoll, UC: “Pension Funds as Instruments for Institutional
Investors and Corporate Governance”
- Professor Xiang Gao, CUPL: “Difficulties for Small Business Financing in the
PRC”
Synopsis
This session will review the developments in law and policy identified in 2012 as
central to a closer integration of the financial systems and institutions of China
and Australia.
The session will include Q&A involving all participants and presenters
16.00 – 16.15 Afternoon tea
16.15 – 17.00
Session 6: Domestic Courts and Arbitration Procedures
Moderator:
- Professor Eugene Clark, CUPL
Presenters:
- Professor Che Hu, CUPL: “Difficulties in Litigating Investor Disputes before
the Chinese Courts”
- Mr Arthur Hoyle, University of Canberra: “Electronic Dispute Resolution”
Synopsis
This session considers the progress made in the resolution of investor disputes
before Chinese courts and the scope for the arbitration of such disputes before
new forums such as CIETAC and the Beijing Arbitration Centre
The session will include Q&A involving all participants and presenters
16.45-17.15 Session 6: Summary and Future Research
- Dr Geoffrey Nicoll, UC
- Professor Xiang Gao, CUPL