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Australia is strengthening ties with China in service sector and the two sides enjoy great potential in cooperation in this sector.“Broadening Australian relationship with China into services is a natural next chapter in our longstanding and productive friendship and economic relationship,” said Australian Trade Minister Dr. Craig Emerson at the China International Fair for Trade in Services (CIFTIS) held in Beijing from May 28 to June 1.
Entering its next era of economic development, China has embraced a new vision for high-quality and inclusive growth featuring a vibrant and internationally-competitive services sector. In China’s rapidly growing cities, a modern urban lifestyle requires sophisticated services such as financial planning, banking, urban design and architecture.
“We are committed to broadening the relationship and ensuring Australian services organizations are not only serving Chinese customers, but also contributing to China’s development, and helping China’s own service industries gain competitiveness and expertise to expand its global role,” said Craig Emerson.
During the CIFTIS, the Australian Chambers of Commerce (AustCham) 2012 White Paper on the Australian financial services business in China was launched as part of the Australian Feature Day.
This 2012 White Paper follows the inaugural 2011 Paper, and highlights the important developments of past 12 months in the financial services sector in China and Australia, including the stability and strength of these two key markets despite the uncertain global climate. In the Paper, AustCham Beijing and Shanghai members collectively put forward a number of recommendations for the further development of the financial services sector in China.
“This year marks the 40th Anniversary of full diplomatic relations between China and Australia. We are confident that the dialogue that has already commenced around these topics will continue, and that each nation may be able to leverage our respective strengths to promote and encourage the ongoing development of resilient and integrated regional financial markets,” said AustCham Joint Financial Services Working Group Chairmen David Olsson and Andrew Whitford of Beijing and Shanghai respectively.
“Australian financial institutions operating in China are encouraged by positive changes in the Chinese sector, including those that strengthen the China – Australia relationship, such as the recent signing of the bilateral local currency swap,” said Whitford.
“Australian financial institutions welcome the opportunity to further invest in the development of the Chinese sector, and share their experiences of operating within Australia’s well-regarded financial regulatory environment,” he added.
Moreover, the two countries are also eyeing cooperation in education. Education services are expected to drive innovation, by improving the capacity for research and increasing skills levels in the workforce.
According to Craig Emerson, Monash University in Melbourne recently announced it had been granted a license to operate in China, where it will partner with Southeast University to open a Graduate School in Suzhou. Here students will choose from a range of disciplines relevant to the high-tech, high-skill, innovative Chinese growth model of the future. These disciplines include nanotechnology, environmental science, industrial design and engineering. Monash is only the third foreign university to be granted such a licence.
Australia will work together to help deliver innovation, expertise and competition in China’s domestic services sector. This will improve productivity and provide the competitive edge necessary for China’s ambitious services firms to expand in global markets, said Craig Emerson.
Now China is Australia’s largest trading partner and largest services export market. Australia is also one of the leading destinations for Chinese students and tourists.
Australia is known for its complete system in knowledge and technology, with the service sector accounting 70 percent of its economic value added. It has strong advantages in financial services. The quick recovery of its economy in the financial crisis has proved its power in financial sector.
Besides, the well developed commercial environment, business consulting and skilled workforce in Australia have boosted its development of service industry.
Andrew Whitford (left), Dr. Craig Emerson (middle) and David Olsson (right)
Entering its next era of economic development, China has embraced a new vision for high-quality and inclusive growth featuring a vibrant and internationally-competitive services sector. In China’s rapidly growing cities, a modern urban lifestyle requires sophisticated services such as financial planning, banking, urban design and architecture.
“We are committed to broadening the relationship and ensuring Australian services organizations are not only serving Chinese customers, but also contributing to China’s development, and helping China’s own service industries gain competitiveness and expertise to expand its global role,” said Craig Emerson.
During the CIFTIS, the Australian Chambers of Commerce (AustCham) 2012 White Paper on the Australian financial services business in China was launched as part of the Australian Feature Day.
This 2012 White Paper follows the inaugural 2011 Paper, and highlights the important developments of past 12 months in the financial services sector in China and Australia, including the stability and strength of these two key markets despite the uncertain global climate. In the Paper, AustCham Beijing and Shanghai members collectively put forward a number of recommendations for the further development of the financial services sector in China.
“This year marks the 40th Anniversary of full diplomatic relations between China and Australia. We are confident that the dialogue that has already commenced around these topics will continue, and that each nation may be able to leverage our respective strengths to promote and encourage the ongoing development of resilient and integrated regional financial markets,” said AustCham Joint Financial Services Working Group Chairmen David Olsson and Andrew Whitford of Beijing and Shanghai respectively.
“Australian financial institutions operating in China are encouraged by positive changes in the Chinese sector, including those that strengthen the China – Australia relationship, such as the recent signing of the bilateral local currency swap,” said Whitford.
“Australian financial institutions welcome the opportunity to further invest in the development of the Chinese sector, and share their experiences of operating within Australia’s well-regarded financial regulatory environment,” he added.
Moreover, the two countries are also eyeing cooperation in education. Education services are expected to drive innovation, by improving the capacity for research and increasing skills levels in the workforce.
According to Craig Emerson, Monash University in Melbourne recently announced it had been granted a license to operate in China, where it will partner with Southeast University to open a Graduate School in Suzhou. Here students will choose from a range of disciplines relevant to the high-tech, high-skill, innovative Chinese growth model of the future. These disciplines include nanotechnology, environmental science, industrial design and engineering. Monash is only the third foreign university to be granted such a licence.
Australia will work together to help deliver innovation, expertise and competition in China’s domestic services sector. This will improve productivity and provide the competitive edge necessary for China’s ambitious services firms to expand in global markets, said Craig Emerson.
Now China is Australia’s largest trading partner and largest services export market. Australia is also one of the leading destinations for Chinese students and tourists.
Australia is known for its complete system in knowledge and technology, with the service sector accounting 70 percent of its economic value added. It has strong advantages in financial services. The quick recovery of its economy in the financial crisis has proved its power in financial sector.
Besides, the well developed commercial environment, business consulting and skilled workforce in Australia have boosted its development of service industry.
Andrew Whitford (left), Dr. Craig Emerson (middle) and David Olsson (right)