The Parties shall undertake a general review of the Agreement, with a view to furthering its objectives, within three years of the date of entry into force of this Agreement and at least every five years thereafter unless otherwise agreed by the Parties. The review shall include, but not be limited to, consideration of deepening liberalisation and further expansion of market access.

Article 16.6. Measures to Safeguard the Balance-of-payments

1. Where a Party is in serious balance-of-payments and external financial difficulties or under threat thereof, it may:

(a) in the case of trade in goods, in accordance with GATT 1994 and the Understanding on the Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994 in Annex 1A to the WTO Agreement, adopt restrictive import measures;

(b) in the case of trade in services, adopt or maintain restrictions on trade in services in respect of which it has undertaken specific commitments, including on payments or transfers for transactions related to such commitments; and

(c) in the case of investments, adopt or maintain restrictions on payments or transfers related to covered investments as defined in Article 9.1 of Chapter 9 (Investment).

2. Restrictions adopted or maintained under subparagraphs 1(b) or (c) shall:

(a) be consistent with the IMF Articles of Agreement;

(b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party;

(c) not exceed those necessary to deal with the circumstances described in paragraph 1;

(d) be temporary and be phased out progressively as the situation specified in paragraph 1 improves; and

(e) be applied on a non-discriminatory basis such that the other Party is treated no less favourably than any non-party.

3. In determining the incidence of such restrictions, a Party may give priority to economic sectors which are more essential to its economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector.

4. Any restrictions adopted or maintained by a Party under paragraph 1, or any changes therein, shall be notified promptly to the other Party.

5. The Party adopting or maintaining any restrictions under paragraph 1 shall commence consultations with the other Party in order to review the restrictions applied by it.

Article 16.7. Competition Cooperation

1. The Parties recognise the importance of cooperation and coordination to further the promotion of competition, economic efficiency, consumer welfare and the curtailment of anticompetitive practices.

2. The competition authorities of the Parties shall cooperate and coordinate, as appropriate, in enforcing competition laws and policies subject to each Party's confidentiality requirements, including through:

(a) the exchange of information;

(b) notification;

(c) coordination of cross-border enforcement matters and the exchange of views in cases which are subject to the common review of both Parties; and

(d) technical cooperation.

3. The cooperation referred to in paragraph 2 may be promoted through new or existing mechanisms for cooperation between the competition authorities of the Parties.

4, Without prejudice to the independence of the Parties' competition authorities, the Parties agree to cooperate under this Article in accordance with their respective laws, regulations and procedures, and within their reasonably available resources.

Article 16.8. Government Procurement

The Parties shall commence negotiations on government procurement as soon as possible after the completion of negotiations on the accession of China to the Agreement on Government Procurement, contained in Annex 4 to the WTO Agreement, with a view to concluding, on a reciprocal basis, commitments on government procurement between the Parties.

Chapter 17. Final Provisions

Article 17.1. Annexes

The Annexes to this Agreement constitute an integral part of this Agreement.

Article 17.2. Entry Into Force

This Agreement shall enter into force 30 days after the date on which the Parties exchange through diplomatic channels written notifications certifying that they have completed their respective necessary internal requirements, or on such other date as the Parties may agree.

Article 17.3. Amendments

1. The Parties may agree in writing to amend this Agreement. Any amendment shall enter into force in accordance with the procedures required for entry into force of this Agreement.

2. If any provision of the WTO Agreement or any other agreement to which both Parties are party that has been incorporated into this Agreement is amended, the Parties shall consult on whether to amend this Agreement, unless this Agreement provides otherwise.

Article 17.4. Termination

1. This Agreement shall remain in force unless either Party notifies the other Party in writing to terminate this Agreement. Such termination shall take effect 180 days following the date of receipt of the notification.

2. Within 30 days of a notification under paragraph 1, either Party may request consultations regarding whether the termination of any provision of this Agreement should take effect on a later date than provided under paragraph 1. Such consultations shall commence within 30 days of a Party's delivery of such request.

Article 17.5. Authentic Texts

This Agreement is done in duplicate in the Chinese and English languages. Both texts of this Agreement shall be equally authentic.

Conclusion

IN WITNESS WHEREOF, the undersigned, being duly authorised by their respective Governments, have signed this Agreement.

DONE at Canberra on this 17th day of June in the year 2015 in the English and Chinese languages.

FOR THE GOVERNMENT OF AUSTRALIA:

FOR THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA:

Attachments

ANNEX III.

Part 1. Schedule of Non-conforming Measures

Referred to in Chapter 8 (Trade in Services) and Chapter 9 (Investment)

Schedule of australia

Section A.

Introductory Notes

1. Section A of the Schedule of Australia sets out, pursuant to Article 8.9 (Schedule of Non-Conforming Measures) of Chapter 8 (Trade in Services) and Article 9.5 (Non- Conforming Measures) of Chapter 9 (Investment), Australia's existing measures that are not subject to some or all of the obligations imposed by:

(a) Article 8.11 (Market Access) of Chapter 8 (Trade in Services);

(b) Article 8.10 (National Treatment) of Chapter 8 (Trade in Services) or Article 9.3 (National Treatment) of Chapter 9 (Investment); or

(c) Article 8.12 (Most-Favoured-Nation Treatment) of Chapter 8 (Trade in Services) or Article 9.4 (Most-Favoured-Nation Treatment) of Chapter 9 (Investment).

Note 1: Commitments on measures with respect to or relating to trade in financial services are undertaken subject to the limitations and conditions set forth in Chapter 8 (Trade in Services), Annex 8-B (Financial Services) and Chapter 9 (Investment), these Introductory Notes and the Schedule below.

Note 2: To clarify Australia's commitment with respect to Article 8.11 (Market Access) of Chapter 8 (Trade in Services), enterprises supplying financial services and constituted under the laws of Australia are subject to non-discriminatory limitations on juridical form. (1)

Note 3: Without prejudice to other means of prudential regulation of cross-border trade in financial services, Australia reserves the right to require the non-discriminatory licensing or registration of cross-border

(a) Article 8.11 (Market Access) of Chapter 8 (Trade in Services);

(b) Article 8.10 (National Treatment) of Chapter 8 (Trade in Services) or Article 9.3 (National Treatment) of Chapter 9 (Investment); or

(c) Article 8.12 (Most-Favoured-Nation Treatment) of Chapter 8 (Trade in Services) or Article 9.4 (Most-Favoured-Nation Treatment) of Chapter 9 (Investment).

Note 1: Commitments on measures with respect to or relating to trade in financial services are undertaken subject to the limitations and conditions set forth in Chapter 8 (Trade in Services), Annex 8-B (Financial Services) and Chapter 9 (Investment), these Introductory Notes and the Schedule below.

Note 2: To clarify Australia's commitment with respect to Article 8.11 (Market Access) of Chapter 8 (Trade in Services), enterprises supplying financial services and constituted under the laws of Australia are subject to non-discriminatory limitations on juridical form.1

Note 3: Without prejudice to other means of prudential regulation of cross-border trade in financial services, Australia reserves the right to require the non-discriminatory licensing or registration of cross-border financial service suppliers of China and of financial instruments in accordance with Article 3 (Domestic Regulation) of Annex 8-B (Financial Services).

Note 4: Australia reserves the right to adopt or maintain non-discriminatory limitations concerning admission to the market of new financial services where such measures are required to achieve prudential objectives. Australia may determine the institutional and juridical form through which a new financial service may be supplied and may require authorisation for the supply of the service. Where authorisation to supply a new financial service is required, the authorisation may only be refused for prudential reasons.

2. Each Schedule entry sets out the following elements:

(a) "Sector" refers to the sector for which the Schedule entry is made;

(b) "Obligations Concerned" specifies the obligation(s) referred to in paragraph 1 that, pursuant to Article 8.9 (Schedule of Non-Conforming Measures) of Chapter 8 (Trade in Services) and Article 9.5 (Non- Conforming Measures) of Chapter 9 (Investment) do not apply to the listed measure(s);

(c) "Level of Government" indicates the level of government maintaining the listed measure(s);

(d) "Source of Measure" means the laws, regulations or other measures that are the source of the non-conforming measure for which the Schedule entry is made. A measure cited in the "Source of Measure" element:

(i) means the measure as amended, continued or renewed as of the date of entry into force of this Agreement; and

(ii) includes any subordinate measure adopted or maintained under the authority of and consistent with the measure;

(e) "Description" sets out the non-conforming measure for which the Schedule entry is made.

Note 1: In accordance with Article 8.9 (Schedule of Non-Conforming Measures) and Article 9.5 (Non-Conforming Measures) of Chapter 9 (Investment), the articles of this Agreement specified in the "Obligations Concerned" element of an entry do not apply to the non- conforming measure identified in the "Description" element of that entry.

Note 2: A reference to Market Access in the "Obligations Concerned" element of an entry specifies Australia's obligations under Article 8.11 (Market Access) of Chapter 8 (Trade in Services).

Note 3: A reference to National Treatment in the "Obligations Concerned" element of an entry specifies Australia's obligations under Article 8.10 (National Treatment) of Chapter 8 (Trade in Services) and Article 9.3 (National Treatment) of Chapter 9 (Investment).

Note 4: A reference to Most-Favoured-Nation in the "Obligations Concerned" element of an entry specifies Australia's obligations under Article 8.12 (Most-Favoured-Nation Treatment) of Chapter 8 (Trade in Services) and Article 9.4 (Most-Favoured-Nation Treatment) of Chapter 9 (Investment).

3. Australia reserves the right to maintain and to add to this Schedule any non- conforming measure at the regional level of government that existed at 1 January 2005, but was not listed in this Schedule at the date of entry into force of this Agreement, against the following obligations:

(a) Article 8.10 (National Treatment) of Chapter 8 (Trade in Services) and Article 9.3 (National Treatment) of Chapter 9 (Investment); or

(b) Article 8.12 (Most-Favoured-Nation Treatment) of Chapter 8 (Trade in Services) and Article 9.4 (Most-Favoured-Nation Treatment) of Chapter 9 (Investment).

1.

Sector: All Sectors

Obligations Concerned: Market Access National Treatment

Level of Government: Central and Regional

Source of Measure: Australia's foreign investment policy, which includes the Foreign Acquisitions and Takeovers Act 1975 (Cth); Foreign Acquisitions and Takeovers Regulations 1989 (Cth); Financial Sector (Shareholdings) Act 1998 (Cth) and Ministerial Statements. Land Act 1994 (Qld); Foreign Ownership of Land Register Act 1988 (Qld)

Description: Commonwealth

A. The following investments (2) may be subject to objections by the Australian Government and may also require notification to the Government: (a) investments by foreign persons (3) of five per cent or more in the media sector, regardless of the value of the investment;

(b) investments by foreign persons in existing (4) Australian businesses, or prescribed corporations,(5) the value of whose assets exceeds 252 million (6) Australian Dollars in the following sectors:

i) the telecommunications sector;

(ii) the transport sector, including airports, port facilities, rail infrastructure, international and domestic aviation and shipping services provided either within, or to and from, Australia;

(iii) the supply of training or human resources, or the manufacture or supply of military goods, equipment, or technology, to the Australian or other defence forces;

(iv) the manufacture or supply of goods, equipment or technologies able to be used for a military purpose;

(v) the development, manufacture or supply of, or provision of services relating to, encryption and security technologies and communication systems; and

(vi) the extraction of (or rights to extract) uranium or plutonium, or the operation of nuclear facilities;

(c) investments by foreign persons in existing Australian businesses, or prescribed corporations, in all other sectors, excluding financial sector companies (6), the value of whose total assets exceeds 1094 million (#) Australian Dollars;

(d) acquisitions by foreign persons of developed non-residential commercial real estate valued at more than 1094 million# Australian Dollars;

(e) direct investments by foreign government investors, irrespective of size;

Notified investments may be refused, subject to interim orders, and/or approved subject to compliance with certain conditions. Investments referred to in (a) through (e) for which no notification is required or received may be subject to orders under Sections 18 through 21 and 21A of the FATA.

B. The acquisition of a stake in an existing financial sector company by a foreign investor, or entry into an arrangement by a foreign investor, that would lead to an unacceptable shareholding situation or to practical control (7) of an existing financial sector company, may be refused, or be subject to certain conditions (8).

C. In addition to the measures identified in this entry, other entries in Section A or Section B set out additional non-conforming measures imposing specific limits on, or requirements relating to, foreign investment in the following areas:

(a) Telstra;

(b) Commonwealth Serum Laboratories;

(c) Qantas Airways Ltd.;

(d) Australian international airlines, other than Qantas;

(e) urban land;

(f) agricultural land;

(g) agribusiness;

(h) federal leased airports; and

(i) shipping.

Queensland

Certain leases (obtained at ballot), and other leases at the discretion of the Minister, may be subject to a condition that the lessee personally lives on the lease for the first seven years of its term.

While all changes to ownership of land must be registered, there is an additional duty on foreign land holders to disclose, through a prescribed notification, present interests in and acquisitions of land, disposal of interests in land and notification on ceasing to be or becoming a foreign person.

Failure to provide the information causes a breach of the Act that may result in prosecution, the imposition of financial penalties and/or forfeiture of the interest in the land to the Crown.

2.

Sector: All Sectors

Obligations Concerned: National Treatment

Level of Government: Central

Source of Measure:

Corporations Act 2001 (Cth)

Corporations Regulations 2001 (Cth)

Description:

At least one director of a private company must be ordinarily resident in Australia.

At least two directors of a public company must be ordinarily resident in Australia.

At least one secretary of a private company (if such a private company appoints one or more secretaries) must be ordinarily resident in Australia.

At least one secretary of a public company must be ordinarily resident in Australia

3.

Sector: All Sectors

Obligations Concerned: National Treatment

Level of Government: Regional

Source of Measure: Associations Act (NT) Associations Incorporations Act 1991 (ACT) Associations Incorporations Act 1981 (Qld) Association Incorporations Act 1985 (SA) Associations Incorporation Act 1964 (Tas) Associations Incorporation Reform Act 2012 (Vic)

Description: Northern Territory

An application for the incorporation of an association (9) must be made by a person who is a resident of the Northern Territory.

The public officer of an incorporated association must be a person who is a resident of the Northern Territory.

Australian Capital Territory

An application for incorporation of an association must be made by a person who is a resident of the Australian Capital Territory.

The public officer of an incorporated association must be a person who is a resident of the Australian Capital Territory.

Queensland

The office of secretary shall become vacant if the person holding that office ceases to be a resident in Queensland, or in another State but not more than 65 kilometres from the Queensland border.

The management committee of an incorporated association must ensure the secretary is an individual residing in Queensland, or in another State but not more than 65 kilometres from the Queensland border.