Aussie state treasurer vows more Chinese investment

SYDNEY -- An Australian state treasurer is urging more Chinese investment and has vowed to work closer with Chinese businesses.

New South Wales (NSW) Treasurer Andrew Constance met with the China Chamber of Commerce in Australia on Thursday and told members that the government wanted to improve the trade relationship between his state and China.

Constance has already met with Chinese power firm State Grid Corp late last year regarding the sale of the state's multi-billion electricity infrastructure.

He also wanted to work with Chinese businesses already operating in Australia, especially Sydney.

"I am absolutely passionate about the relationship between NSW and China," he told the CCCA.

"We have seen in recent times as a result of the visit of the NSW Premier Mike Baird a renewed vigor and focus and energy around the relationship that surrounds NSW and China," he said, adding, " I am very excited about the fact that two-way trade between NSW and China is 30 billion Australian dollars ($23.3 billion) and it must grow."

"There is a lot of opportunity for everybody in this and I'm very mindful as the state's treasurer we have to strengthen relationships, strengthen ties, which is why I want to meet with the chamber on a regular basis, three times a year," the treasurer said.

He noted that the government wanted to see improvements in the state's planning system "because we need the investment."

"I'm here (at the CCCA) to try and fix things and I want to see the relationship flourish because I come from a regional area and I know the power of foreign investment in our states and the benefits it brings, through economic and social outcomes," he said.

The treasurer said NSW, which is the largest economy in Australia, wants to accelerate its growth through foreign investment.

"That means we ensure that NSW, and especially Sydney, is an incredibly exciting destination for foreign investment and foreign capital knowing that are providing stable and strong government to deliver the outcomes that everybody wants to see."

Constance highlighted the new RMB clearing house, which has recently been established at the Bank of China in Sydney, as a great opportunity for Australian businesses trading with China.

"Only one percent of Australia-China business is going through this exchange at the moment and we are going to see that grow massively. I am very excited about the opportunities for investors in the opening up of capital markets," he said.

"We are perfect in terms of our time zone and we will continue to see our financial sector grow. I am particularly keen to see the relationship grow between China and the finance sector of Sydney. We will see tremendous outcomes in the future," he said.