Financial firms see possibilities in China
By Wang Yanlin |
August 11, 2011, Thursday
|
Print Edition
Print Edition
AUSTRALIAN Trade Minister Craig Emerson yesterday said the country's financial institutions could help China's financial industry develop.
Emerson, who gave a speech in Shanghai, wants Australia to strengthen cooperation with China as it reforms its financial system.
"As China focuses more on domestic consumption, we see opportunities for investment and closer collaboration, especially in areas where Australian financial expertise can contribute to the development of China's financial industry and wealth management," Emerson said. "The future of financial services trade and investment between Australia and China is a very bright one."
According to a report, Australia's financial services industry is the largest single contributor to its national output, accounting for about 10 percent of gross domestic product. Its four biggest banks have AA credit ratings, which makes them four of only nine lenders in the world that have that rating or better.
All four have established a presence in China and they are eager to expand amid a worsening global economic outlook outside of Asia.
"Australian banks are healthy, and much less affected by the spreading debt crisis," said Corey Xu, executive director at Westpac Banking Corp's Shanghai Branch. "The difficult situations in some other banks are opportunities for us."
Earlier this month, British banking giant HSBC announced it will cut 30,000 jobs worldwide by 2013.
Australian banks are expanding at a quick pace in China. Australia and New Zealand Bank (China) Co has already opened branches in some rural areas.
Emerson, who gave a speech in Shanghai, wants Australia to strengthen cooperation with China as it reforms its financial system.
"As China focuses more on domestic consumption, we see opportunities for investment and closer collaboration, especially in areas where Australian financial expertise can contribute to the development of China's financial industry and wealth management," Emerson said. "The future of financial services trade and investment between Australia and China is a very bright one."
According to a report, Australia's financial services industry is the largest single contributor to its national output, accounting for about 10 percent of gross domestic product. Its four biggest banks have AA credit ratings, which makes them four of only nine lenders in the world that have that rating or better.
All four have established a presence in China and they are eager to expand amid a worsening global economic outlook outside of Asia.
"Australian banks are healthy, and much less affected by the spreading debt crisis," said Corey Xu, executive director at Westpac Banking Corp's Shanghai Branch. "The difficult situations in some other banks are opportunities for us."
Earlier this month, British banking giant HSBC announced it will cut 30,000 jobs worldwide by 2013.
Australian banks are expanding at a quick pace in China. Australia and New Zealand Bank (China) Co has already opened branches in some rural areas.
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