Media release
10 August 2008
Financial Services Benefit from Olympic Connection in China
Today Austrade's Business Club Australia (BCA) staged a financial services event in Beijing, designed to connect Australian capability with the burgeoning financial services sector in China.
The event also included the signing of a Memorandum of Understanding (MOU) between the Australian Financial Markets Association (AFMA) and the Securities Association of China (SAC).
Speaking at the event, Minister for Trade Simon Crean said that Australia's high profile presence at the Beijing Olympics through Business Club Australia represented an excellent platform to promote closer business financial services sector ties as gateways between China and Australia continue to open.
"Australia has the fourth largest pool of investment fund assets and the seventh largest stock and foreign exchange markets in the world. The industry manages more than $1.4 trillion in assets, having grown at an annual rate of around 11 per cent since 1992, and this is predicted to rise to almost $2.5 trillion by 2015," Mr Crean said.
"China's equities boom and rising levels of middle class savings provides Australia's sophisticated financial services sector with enormous opportunities in one of the largest, fastest-growing and most sophisticated economies in the Asia-Pacific region.
"Australia's big four retail banks, CBA, ANZ, Westpac and NAB have a presence in China, and Macquarie bank has taken a very active approach to building its business in China.
"The MOU signed today between AFMA and SAC further symbolises the increasing integration of the Australian and Chinese financial sectors, as evidenced by the strength of the signatories.
"AFMA is the peak industry association representing over 130 industry participants in Australia's wholesale banking and financial markets, with a turnover of more than $120 trillion in 2006-07. SAC represents around 300 financial services industry companies in China.
"When the Prime Minister visited Beijing in April, he agreed with Premier Wen Jiabao to unfreeze FTA negotiations, which had been frozen for some time. It is in both our nation's interest to pursue a high-quality, comprehensive and mutually beneficial FTA, particularly in the services sectors.
"In discussions that I will have with China's Commerce Minister Chen Deming I will indicate that Australia will pursue positive and early outcomes in the financial services sector in particular."
More than 3000 Australian and Chinese businesspeople are expected to attend events at Business Club Australia. Business Club Australia will use the resources of Austrade's network of 15 offices in China to bring together Australians and key Chinese officials and businesspeople.
Since its inception at the Sydney Olympics, Business Club Australia has delivered more than A$1.7 billion in trade and investment outcomes for Australia.
Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555