The Australian Chamber of Commerce in China (AustCham) has released its first Issue Paper on the Australian financial sector in China, saying the focus in trade between the two countries should increasingly move towards services.

 

The paper, produced by AustCham's Beijing and Shanghai members, highlights the strength of Australia's financial services providers, and their contribution to the development of the Chinese financial services sector.

 

"Rapid urbanisation in China, and the growth in consumption, is driving up demand for financial, health, energy and a range of other services” Australian Trade Minister Craig Emerson said.

 

"While Australian exports to China have been dominated until now by minerals, we are starting to see more and more opportunities for engagement in non-merchandise sectors."

 

AustCham Joint Financial Services Working Group Chairmen David Olsson and Andrew Whitford of Beijing and Shanghai said the paper aimed to support the Australia-China commercial relationship.

 

The chamber intends to undertake a series of more detailed presentations and discussions with Chinese regulators and officials over coming months. There are both Chinese and English versions of the paper.

 

The paper is available here