BEIJING FRIENDSHIP HOTEL, 1 Zhongguancun South Road, BEIJING th SEPTEMBER 2013

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2 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 th 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

3 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).

4 DAY ONE Monday 16 th September 2013 Venue: Conference Room 5, 1 st 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 Registration 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 Group Photo Session 2: Overview of Program - Professor Gao Xiang, CUPL - Mr Ken Waller, AASC Introduction to the seminar and policy dialogue, including outline and objectives of the program and intended outcomes Session 3: Review of global and regional trends in investment flows - Professor On Kit Tam, Deputy Pro Vice Chancellor, Business-International, College of Business, RMIT University - 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 Morning Tea 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

5 - Mr Ken Waller, AASC - Professor Sinclair Davidson, RMIT University - Mr Jonathan Coppel, Productivity Commission, Australia 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 Lunch Session 5: Comparison of research findings with international investment indicators - Mr Jonathan Coppel, Productivity Commission, Australia Presenter: - Mr Andrea Goldstein, OECD Discussants: - Professor Sinclair Davidson, RMIT University - Mr Andrea Goldstein, OECD 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? Afternoon Tea Session 6: Options in further development of indicators and institutional capacity needs - 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. 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,

6 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? Session 7: Using quantitative indicators in policymaking to promote investment flows. An assessment of benefits and risks. - Dr Yuqing Xing, ADBI Discussants: - Mr Carlos Kuriyama, APEC Secretariat - Dr Melanie Milo, ASEAN Secretariat - Mr Andrea Goldstein, OECD 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.

7 DAY TWO 17 th September 2013 Venue: Conference Room 5, 1 st Floor, Building 8 Friendship Hotel, 1 Zhongguancun South Road, Beijing Policy Dialogue: Theme: Enhancing the investment environment in APEC and ASEAN economies Registration 9:00 9:15 Session 1: Introduction - Mr Ken Waller, AASC 9:15 10:45 Session 2: Reducing barriers to investment growth - Mr Ken Waller, AASC - 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 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 - 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 This session will focus on the relevance of commercial factors and/or geostrategic 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:

8 - 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 Lunch 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 - 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) 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 Afternoon tea 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 - 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

9 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 Session 6: Concluding comments - Mr Ken Waller, AASC - Professor Xiang Gao, CUPL Seminar Dinner

10 DAY THREE 18 th September 2013 Venue: Conference Room 5, 1 st Floor, Building 8 Friendship Hotel, 1 Zhongguancun South Road, Beijing A Case Study: The Second Australia China Investment Relationship Conference Registration Session 1: Welcome - Professor Xiang Gao, CUPL - 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 - Mr Adam McKissack, Senior Australian Treasury Representative, Minister- Counsellor, Australian Embassy Beijing - Dr Geoffrey Nicoll, UC: Issues for research following the 2012 Conference - Dr Ligang Song, Crawford School, ANU: The China Australia Investment Environment in Dr John McLaren, University of Wollongong: Tax Thresholds and Incentives for Improved Investment Flows between China and Australia 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 - Adjunct Professor Gerard Brennan, University of Canberra - 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 This session will review significant developments in the law, policy and

11 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 Lunch Session 4: Corporate and SOE Governance in China and Australia - Professor Xiang Gao, CUPL - 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 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 Session 5: Developments in the Financial Systems of China and Australia - Dr Geoffrey Nicoll, UC - 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 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 Afternoon tea Session 6: Domestic Courts and Arbitration Procedures

12 - Professor Eugene Clark, CUPL - Professor Che Hu, CUPL: Difficulties in Litigating Investor Disputes before the Chinese Courts - Mr Arthur Hoyle, University of Canberra: Electronic Dispute Resolution 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 Session 6: Summary and Future Research - Dr Geoffrey Nicoll, UC - Professor Xiang Gao, CUPL