It's a major gathering of heavy weights from the resource sector and beyond, with a focus on trade between Australia and China.
The Boao Forum's 10th anniversary - the first time this conference is held in Australia - sees hundreds of delegates, many from Asia gathered in Perth to talk about energy, resources and sustainable development.
It's also about fostering economic cooperation.
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Zhou Wenzhong, the Boao Forum's Secretary-General, is clear as to why this is
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"Because our economic dependency is increasing. Global issues like climate change, resource and energy issues, all require everyone's combined efforts in solving the issues."
WA THE KEY STATE Premier Colin Barnett welcomed the influential forum to Western Australia, with 70% of Australia's exports to China generated in his home state. "That reflects our closeness to Asia and particularly to China, and also the fact that Western Australia is the dominant partner in Australian trade with China", Barnett said. As China is set to overtake the United States as the world's leading economy in the foreseeable future, some here say it's vital to further strengthen relationships with our largest trading partner. Kerry Stokes, Seven Group, Chairman agrees. "China is our immediate neighbour and our standard of living in Australia is due entirely to China's growth and our ability to sell our products to China." But there's a potential problem for Australia - China isn't just focussing its interests here. "Many Chinese businesses are also in Africa, and many places, searching for mines. But Africa's basic conditions are far worse off than Australia. The investment is strong but there are possible risks, even political risks, I think Australia, in this regard is perhaps better", Shougang Group's Wang Qinghai says. CURRENCY SHIFT A hot topic at the conference is the currency shift away from the US dollar and doing business in the Chinese yuan or RMB instead. "They can use RMB or Australian dollar to settle accounts, omit the extra procedure, this could be an outlet, because the RMB and Australian currencies are both gaining value, and may have comparatively lower currency rates", Wenzhong says. And whilst businesses predict a short-term hit from the carbon tax, they say China's rapid growth indicates the long-term demand for Australia's resources will remain strong. The two-day Boao Forum for Asia's message was strong - delegates here believe a mutually beneficial relationship is the way to a sustainable future.
