NSW builds financial services links with China

29 March 2012

Sydney and Shanghai are working together effectively to strengthen their positions as financial services hubs in the Asia Pacific, Deputy Premier and Minister for Trade and Investment Andrew Stoner said when he opened the Sydney Shanghai Finance Symposium 2012 at Parliament House.

"Shanghai and Sydney are recognised as financial centres in the Asia Pacific and both are very keen to further develop their financial services sectors," Mr Stoner said.

"The NSW Government is determined to see Sydney play a leading role in financial services in our region – working closely with Shanghai will help us achieve that."

The symposium was a result of a memorandum of understanding between the Financial Services Office of the Shanghai Municipal Government and the NSW Department of Trade and Investment, signed in July 2010. The MoU focuses on the establishment of a closer financial services partnership and recognises that Sydney and Shanghai have similar objectives in financial services.

Director General of the Shanghai Municipal Government Financial Services Office, Dr Fang Xinghai, and a delegation of senior finance representatives from Shanghai attended the symposium.

Dr Fang said the Chinese financial services market had opened up since China joined the World Trade Organisation 10 years ago.

"The markets remain predominantly domestic and have potential to open up much more.

"All foreign banks put together make up about 2 per cent of the Chinese banking systems assets."

Dr Fang said more Chinese banks would like to set up operations in Australia.