David Olsson’s front row seat to China

Lawyer and China expert David Olsson conceeds relations between Beijing and Canberra are tough but ­he still sees ­potential for Australian companies to doing business with China.

David ­Olsson began a long-term interest in China when working for law firm Mallesons Stephen Jaques, as partner in charge of its Hong Kong office in the mid-nineties. Picture: Hollie Adams

Canberra-born lawyer David ­Olsson began a long-term interest in China when working for law firm Mallesons Stephen Jaques, as partner in charge of its Hong Kong office in the mid-1990s.

The role included making ­regular visits to Beijing as the ­Chinese economy was growing and opening up to the world.

“That was how my interest in China was sparked,” recalled Mr Olsson, national president of the Australia China Business Council, who has been awarded an AM in the King’s Birthday Honours “for significant service to Australia China business relations and the law”.

While China is by far Australia’s largest trading partner, the political relationship between the two countries worsened under the Turnbull and Morrison governments as both Canberra and Beijing became more outspoken.

The world view of China had changed from welcoming its economic growth to more wariness about its growing nationalism under President Xi Jinping.

It has been a complicated journey, with many ups and downs, that Mr Olsson has navigated but he ­remains ­enthusiastic about the ­potential of Australian companies doing business with China but also aware of the issues around ­security.

“The last five or six years have been very tough for the Australia-China relationship,” he said.

“The relationship has deteriorated quite considerably. Australian business interests in China have remained quite active but they have been overshadowed by the dark political relationship we have had for some years.”

Post-Covid and the improvement of political relations under the Albanese government, Mr Olsson argued Australia-China ties were entering a new phase.

“Australia is starting to find its own way with China,” he said.

“The relationship is not going to go back to what it was before, but I believe there are still many new and quite exciting opportunities for Australia to work with China, particularly around the decarbonisation of our economies. It’s a huge opportunity for collaboration.

“We’re also starting to see significant opportunities for collaboration and new partnerships around health and aged care, and around the services sector more broadly.”

After two years in Hong Kong in the 1990s, Mr Olsson went back to Australia, working in various roles, rising to the role of managing partner of Mallesons in 2004.

But he jumped at the chance to go back to Asia in 2007, moving to Beijing where he became senior partner, China, for the firm.

In the decade or so since he had left, China had significantly opened up, its economy had grown and its business potential was more significant.

The issue had changed from companies wanting to get access to the market to what business ­opportunities could they pursue as it continued to grow. Beijing was also set to hold the summer Olympics in August 2008.

“It was an exciting time with people wanting to get into China and Australian leaders visiting,” Mr Olsson said. “We had the prime minister (Kevin Rudd) coming up to China and the biggest ever business delegation of 800 people coming at one stage.

“We had foreign ministers coming up all the time and (representatives from) all the states and territories were coming up.

“Australia’s economic and political relationship with China was in such a good space at this time.

“To be an Australian lawyer ­operating in China was quite an amazing experience.”

With a long experience in the law around banking and finance, Mr Olsson was in the box seat to help Australian banks wanting to get a banking licence in China.

He also became involved in the Australia-China Chamber of Commerce in China in Beijing, co-chairing its financial services working group from 2008 and chairing the Beijing based Chamber from 2009.

The China connection strengthened when Mallesons merged with Chinese law firm, King & Wood in March 2012 as part of a global expansion strategy.

As partner on the ground in China, Mr Olsson was in the middle of the deal, becoming involved in the integration of the two very different firms.

In 2013, he went back to Melbourne where he was a China practice consultant, returning to the region in 2020 as international director, Hong Kong and Shenzhen (the Chinese city just over the border from Hong Kong), for King & Wood Mallesons.

A long-time member of the Australia China Business Council, he became its national president and chair in 2019, now juggling his time between China and Hong Kong with frequent trips back to Australia. He is currently helping to co-ordinate the business side of meetings with Chinese Premier Li Qiang, who will visit Australia later this month.