CCTV news in China covered the Financial Services dialogue held as part of Australian Week In China on Wednesday 13th April, 2016. You can view the footage here.
Financial Services accounted for 10% of GDP in Australia last year, verses 7% in China. Canberra is looking to promote Australian as the financial services hub for Asia, while China has Hong Kong, Shanghai and Beijing, so where are the opportunities work together?
Amy Auster from Australian Centre for Financial Studies said with China’s financial sector reform, there are many areas we could be partners. China’s equity, debt and bank credit market are already the largest in the region, but are focused domestically.
David Landers from Austrade noted there is increasing wealth in China and ongoing regulatory reform. Sydney is becoming a hub for RMB transactions and opportunities for Australian fund managers seeking China exposure and vice versa can partner with local asset managers who are looking for opportunities to co-operate.
Boosting cooperation between two of the world’s leading financial centres is hoped will stimulate both economies.
You can view the news footage here, and for more on the AWIC financial services stream, check out our blogs here.