News story 10th May 2016

Australia Week in China

Executive Director Amy Auster recently took part in Australia Week in China (AWIC) 2016, the largest business mission ever organised by Austrade.

AWIC 2016 comprised almost 1,000 delegates from around 750 companies focused on building the bilateral business relationship between Australia and China. The mission was led by the federal Minister for Trade and Investment, the Hon Steven Ciobo MP.

Amy Auster speaking in China

AWIC 2016 consisted of 140 events across 12 cities in greater China, with the program divided into multiple industry streams: Agribusiness; Financial Services; Health and Senior Living; Innovation Partnership; International Education; Tourism; Premium Food & Beverage; Consumer and E-commerce; and Urban Sustainability and Water Management.

Amy moderated two panel discussions in Shanghai, focusing on the reform of China’s financial system and its opening to international activity and capital flows. Other panellists included the Hon Warwick Smith AM of ANZ; Mark Johnson AO of Gresham Investment House; Lyn Cobley of Westpac Institutional Bank; Patrick D’Arcy of the Reserve Bank of Australia; Sangeeta Venkatesan of Commonwealth Bank; David Olssen of King & Wood Mallesons; Danny Armstrong of National Australia Bank; and senior economists and executives from Chinese pension funds and securities firms.

Amy also presented the preliminary results of ACFS research on China’s capital account opening. The research shows that the financial industry in Asia (excluding Singapore and Hong Kong) is undersized but growing quickly. However, major Asian economies remain largely closed to outside financial services providers, and cross-border investments into and out of China are small relative to other nations.

The research forms part of the ACFS project Financial Integration in the Asia-Pacific, which is supported by AMP Capital, the Department of Foreign Affairs and Trade, the Financial Services Council, Finsia, King & Wood Mallesons, and Thomson Reuters, as well as grants from the Australia-ASEAN Council and Australia-China Council.