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China development up there with industrial revolution, says Nasser

china development

BHP Billiton chairman Jac Nasser believes China’s development is proving as significant an event as the Britain-led industrial revolution 200 years ago.

Speaking at a Melbourne Mining Club lunch, Mr Nasser described the transformation of China as a “once in a century or more” event.

Mr Nasser said China’s rapid growth and the current economic climate provides Australia with the opportunity to become a global centre of resources.

He said: “To do this, we need to continue to attract the best minds and skills the world has to offer and have internationally competitive labour practices.

“For instance, the world is awash with great geoscientists and mining engineers and Australia offers some of the most attractive and challenging jobs, yet many of us in Australia, sometimes unnecessarily, restrict our recruitment policy to Australian universities.”

Despite noting that many economies are recovering, Mr Nasser said the world remains in a "fragile state" with persistent levels of unemployment and threats of inflation.

He said: “For the medium term, we should be prepared for further downside as global monetary and fiscal tightening, and economic restructuring, takes hold.

“But in the longer term there is no doubt that the world will rebalance and many countries will experience growth, financial recovery and higher living standards on a scale never before seen.
“While countries can choose many different paths to achieve greater prosperity, globalisation and urbanisation are central, together with a well constructed energy policy and skilled workforce."

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