2015 Shanghai-Sydney Financial Seminar held in Shanghai
Jointly organized by the Shanghai Municipal Financial Service Office and the New South Wales Department of Premier and Cabinet, 2015 Shanghai-Sydney Financial Seminar was held in Shanghai on November 6.
Tu Guangshao, member of the Standing Committee of the CPC Shanghai Municipal Committee and executive vice-mayor of Shanghai, Mike Baird, premier of the New South Wales, and Zheng Yang, director of the Office, addressed the event.
Hosted by Xie Dong, deputy director of the Office, financial experts from Shanghai and Sydney discussed on topics including financial cooperation, cross-border use of yuan and opportunities in asset management sector.
Speaking at the event, Tu said Shanghai and Sydney not only play key roles in financial services in their respective countries but also have increasingly powerful influence on international financial development.
“Shanghai has established its position as China’s financial center and is becoming the world’s center for trading, pricing and settlement of yuan products. In the next step, Shanghai will step up effort to boost the interaction between financial opening in Shanghai free trade zone and Shanghai international financial center, exploring new approach and accumulating experience for the improvement of the national financial system,” Tu said.
“As Australia’s largest and most vibrant economy, the New South Wales has a pivotal role in the country with significant political and economic influence,” he said, “Sydney, one of the world’s most significant financial centers, is home to the country’s central bank, financial authorities and major financial institution and markets.”
Shanghai and the New South Wales have been deepening partnership since an exchange relation was built in 2008. In recent year, financial exchange between Shanghai and Sydney is getting frequent as the two sides push forward cooperation through high-level visits, mutual establishment of institutions and business cooperation.
“In the future, Shanghai and Sydney will usher in more opportunities in financial cooperation amid China’ economic development, financial reforms and opening up and acceleration of cross-border use of yuan,” Tu said.
Baird said Sydney as a financial center is constantly developing and has entered into the Chinese market.
“There are a lot of opportunities in area such as wealth management and mutual fund management as the middle class in China is growing,” Baird said.
“With the rapid growth of yuan business, Sydney is hopefully to become an offshore yuan center, while institutions from Shanghai and other places of China will place a role in Sydney’s Internet finance industry amid the rise of Internet finance worldwide,” he said.
Zheng of the Office introduced the latest development of Shanghai international financial center construction and explained a development scheme on further promoting financial opening in Shanghai free trade zone and accelerating the construction of Shanghai international financial hub.
“According to the scheme, major measures to promote financial opening in the free trade zone includes five aspects. First is to realize the convertibility of yuan under the capital account; second is to expand the cross-border use of yuan; third is to push forward the opening up of financial services sector; fourth is to accelerate the construction of international financial markets; fifth is to strengthen financial supervision and prevent risks,” Zheng said.
“The construction of Shanghai free trade zone provides a broad platform for financial institutions including those from Australia to expand their businesses,” he said.
Shanghai and the New South Wales singed a cooperation agreement in 2008 and signed a memorandum of understanding on financial cooperation in 2010. Since 2012, the two cities organized the Shanghai-Sydney Financial Seminar alternatively.