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:


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:


Presenter:

- Mr Andrea Goldstein, OECD

Discussants:

- Professor Sinclair Davidson, RMIT University


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?


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:


- 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?


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


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


Floor, Building 8


Policy Dialogue: Theme: Enhancing the investment environment in APEC and ASEAN economies


9:00 – 9:15 Session 1: Introduction


9:15 – 10:45

Session 2: Reducing barriers to investment growth

Moderator:


Presenters:

- Mr Xavier Forneris, Senior Investment Policy Officer, Investment Climate

Department, the World Bank Group


- 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


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:


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


- Professor Xiang Gao, CUPL

18.30-20.30 Seminar Dinner

DAY THREE – 18th

September 2013


Floor, Building 8


A Case Study: The Second Australia China Investment Relationship Conference


9.00 – 9.30

Session 1: Welcome

Moderator:


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.


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.


12.30 – 14.00 Lunch

14.00 – 15.00

Session 4: Corporate and SOE Governance in China and Australia

Moderator:


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.


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.


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


16.45-17.15 Session 6: Summary and Future Research

- Dr Geoffrey Nicoll, UC


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