Economy

Australian minister promotes finance services on HK visit

(Xinhua)
Updated: 2010-01-22 20:54

HONG KONG: Australian Minister for Financial Services, Superannuation and Corporate Law Chris Bowen delivered a speech in Hong Kong on Friday to the business community to promote Australia's financial services sector.

Addressing a business luncheon of the Australian Chamber of Commerce, Bowen said Australia had competitive advantages for the role as a financial services center, citing the strength of the Australian economy and its financial sector.

The supperannuation system of Australia had some similar features to the Mandatory Provident Fund of the Hong Kong Special Administrative Region (HKSAR). The pool of Australia's private pension savings is the fourth largest in the world, he said.

The minister also made efforts to promote Australia's proposal to create an Asian fund managing passport to allow for better cross-border investing and regulation.

Bowen said he had "had very good meetings with K.C. Chan, Secretary for Financial Services and the Treasury of the HKSAR government."

He also delivered a speech on financial cooperation at the Asian Financial Forum here on Wednesday. He is expected to leave for Australia later Friday.