Economy

Australian financial services eye China opportunity

(Xinhua)
Updated: 2011-05-30 13:43

CANBERRA-- China's rapid economic growth is not just driving demand for Australia's resources, but is also providing opportunities for financial services, Australian Trade Minister Craig Emerson said on Monday.

Dr Emerson said trade between the two countries would increasingly focus on services.

"Rapid urbanization in China, and the growth in consumption, is driving up demand for financial, health, energy and a range of other services," Dr Emerson said in a statement released on Monday.

"While Australian exports to China have been dominated until now by minerals, we are starting to see more and more opportunities for engagement in non-merchandise sectors."

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In a move to expand Australia-China commercial relationship, Dr Emerson on Monday launched the Australian Chambers of Commerce's ( AustCham) first Issues Paper on Australian Financial Services Business in China.

Joint chairmen of the AustCham financial services working group, David Olsson and Andrew Whitford, said the recommendations within the paper focus on issues that would enhance the ability of Australian financial institutions to be more competitive in the Chinese market.

"We have developed this paper to identify a number of potential benefits to China in improving the competitiveness of its current financial services sector," Olsson said in the statement.

Whitford said the paper is directed primarily to policy makers in China.

AustCham also intends to undertake a series of more detailed presentations and discussions on the Issue Paper with Chinese regulators and officials over coming months.