China's growth very good possibility for Australian financial services: minister

China's rapid economic development is not just driving demand for Australia's resources, but is also providing opportunities for financial services, Australian Trade Minister Craig Emerson mentioned on Monday.

Dr Emerson stated trade between the two countries would increasingly concentrate on services.

"Rapid urbanization in China, along with the growth in consumption, is driving up demand for monetary, health, power along with a range of other services," Dr Emerson stated in a statement released on Monday.

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

Inside a move to expand Australia-China commercial relationship, Dr Emerson on Monday launched the Australian Chambers of Commerce's ( AustCham) initial Problems Paper on Australian Monetary Services Organization in China.

Joint chairmen of the AustCham financial services functioning group, David Olsson and Andrew Whitford, stated the recommendations within the paper concentrate on concerns that would enhance the potential of Australian economic institutions to be a lot more competitive inside the Chinese industry.

"We have developed this paper to determine numerous potential rewards to China in improving the competitiveness of its latest financial services sector," Olsson stated in the statement.

Whitford said the paper is directed largely to policy makers in China.

AustCham also intends to undertake a series of a lot more comprehensive presentations and discussions on the Problem Paper with Chinese regulators and officials over coming months.

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