Aussie businesses have China's west in sight

SYDNEY - Australian companies are leading the latest bull-rush into China, with leading economists supporting a survey of Australian business leaders here overwhelmingly in favor of expanding commercial ties into China and China's booming western region - for 2013.

Saul Eslake, chief economist of the Bank of America Merrill Lynch in Australia and New Zealand, told Xinhua that China's economy 'bottomed' in the third quarter of last year, and believed the economy will record an 8.3 percent annual growth in the first half of 2013, good news for Australia's export driven economy which is reaping the benefits of China's renewed pursuit of policies and reforms that promote financial stability.

"From an Australian perspective, strong but stable economic growth in China, our largest trading partner, is very much in Australia's interests," Eslake said.

The economic mood in Australia has brightened significantly with the summer data clearly showing China's resource-hungry economy is moving into a sustained turnaround.

ANZ bank (Australia and New Zealand Banking Group Ltd) struck an agreement this month with China's largest payments system operator UnionPay, allowing ANZ customers access to UnionPay networks in the Asia-Pacific.

ANZ is the third Australian bank after the National Australia Bank Ltd and Commonwealth Bank to leverage UnionPay's ATM and merchant network which represent a key source of tourism revenue in Australia.

"It makes sense for ANZ to partner with UnionPay International and make it easier for our customers to make payments as they travel and conduct business through the region," said ANZ's Australian head, Philip Chronican, in a statement to Xinhua.

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