Former Australian Foreign Minster Bob Carr says China is well placed to navigate its economic challenges. He says advancements in innovation and technology are poised to lead not only China's economic recovery, but also global recovery. He spoke with our correspondent Greg Navarro in Sydney. 

GREG NAVARRO Sydney "Thank you for joining me. How would you describe China's economy?"

BOB CARR Former Australian Minister for Foreign Affairs "I think the onus is on China to demonstrate to Western investors that China is investable and China welcomes foreign investment. Xi Jinping has sent a powerful message to his own private sector with his recent conference with entrepreneurs. I think China has got a golden opportunity with the greater Bay area. That very ambitious network that embraces Hong Kong, Guangzhou, Shenzhen, Macao, and other cities when it comes to infrastructure, technology, tourism, advanced manufacturing. It continues to make a transition from an old manufacturing for export model to a new model emphasizing services and domestic demand. But with cutting edge technology, I think China's demonstrated in recent weeks that when it comes to the new sectors, its innovative entrepreneurs are very competitive with the west."

GREG NAVARRO Sydney "Your thoughts about the cooperation between Australia and China."

BOB CARR Former Australian Minister for Foreign Affairs "Well, the government talks about stabilization of the relationship. But I think the bigger change has been on the conservative side of Australian politics. We've got the people who came close to demonizing China when the conservatives were lost in government, under Prime Minister Scott Morrison, today are talking about doubling trade with China and talking about improving the relationship, saying that they stand for a good bilateral relationship between Australia and China. Now, this has been a complete turnaround."

GREG NAVARRO Sydney "What are your thoughts about China's fulfillment of its role in the global recovery?"

BOB CARR Former Australian Minister for Foreign Affairs "China's role in the global recovery is most striking when it comes to cutting edge technology. China is the startup nation. Now, this is a shock to the West, but the Chinese system has demonstrated that by one means or another and certainly includes very strong government support. It can rival the West on technology. Now, this has been most dramatically illustrated when it comes to artificial intelligence, but it's there on clean, green energy as well."