Life of Guangzhou - Australian Financial Services Sector Participates in the China International Financial Services Conference

On November 12-13, the China Council for the Promotion of International Trade and the Guangzhou Municipal Government will jointly host the China International Financial Services Conference in Guangzhou. With much of the world suffering the effects of the financial crisis, this conference is an important opportunity to examine developments in the international financial system and to learn more about China's financial structures.

Australia will have a strong presence at the conference, with guest speakers from the Australian Trade Commission, the New South Wales Department of State and Regional Development and the Commonwealth Bank of Australia. The conference will also be attended by a number of Australian banks and other financial service providers.

Australia has a highly sophisticated financial services sector which is ideally positioned as a centre for the Asian region. In addition, the country has deep and liquid financial markets, recognized as a regional leader in funds management and in areas requiring more complex financial engineering, including infrastructure financing and structured products. The strength of the Australian financial services sector is underpinned by a mandated retirement savings scheme, a highly skilled and multilingual workforce and an advanced business infrastructure.

The China International Financial Services Conference provides an opportunity to highlight the strengths of Australia's financial sector at a time of great uncertainty in the global financial system. "Australia's financial sector is well managed and well regulated," said Mr. Sean Kelly, Australian Consul-General in Guangzhou. "Australian financial service firms are in an excellent position to meet the needs of Chinese customers, and to assist with the development of China's own financial services sector," he added.

(By Zhu Yanshan and Stephen Roach)

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