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Hong Kong visit - Asian Financial Forum



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THE HON WAYNE SWAN MP

DEPUTY PRIME MINISTER

TREASURER

*** MEDIA RELEASE ***

HONG KONG VISIT - ASIAN FINANCIAL FORUM

Tomorrow I begin my fourth visit as Treasurer to Hong Kong, one of the most vibrant and dynamic economies in the Asian region.

This visit allows me to promote Australia’s significant economic interests in the region and continue to pursue the opportunities outlined in the Asian Century White Paper.

Hong Kong is a key trade and investment destination for Australia and plays a vital role as a trade and investment hub in the region.

While our region has not been immune from ongoing global headwinds, we know Asia’s growth story has a long way to run. Hong Kong is right in the thick of that, as the gateway to what will soon become the world’s largest economy.

On Monday, I will speak at the Asian Financial Forum, an important event which brings together some of the most influential members of the global financial and business community to discuss developments and trends in the dynamic markets of Asia.

At the Forum I will continue to stress the importance of strengthening and developing closer financial integration within the region and the benefits this will bring.

In Hong Kong I will reinforce Australia’s keen interest in promoting greater use of the renminbi (RMB) for international trade and finance with the RMB increasingly important in the Asian Century as the weight of global economic activity shifts from West to East.

As the gateway to China and the largest offshore RMB market in the world, Hong Kong is an ideal place to discuss RMB internationalisation. That is why in my previous trip to Hong Kong in July last year Hong Kong’s Financial Secretary, Mr John Tsang and I announced the establishment of a joint Australia-Hong Kong RMB trade and investment dialogue, the first of which will be held in Sydney this year.

During this visit, I will again meet with Mr Tsang to discuss the future of our two economies and to assess the regional and global economic outlook.

I will meet with Australian businesses which operate in and around Hong Kong to discuss how we can work productively together to better position ourselves to grasp the enormous opportunities in the Asian Century.

I will also address a group of private-sector investors to highlight the resilience of the Australian economy and our strong economic fundamentals, including our impressive 21 consecutive years of growth, our positive growth outlook, low unemployment, strong public finances, and AAA credit rating.

BRISBANE

13 JANUARY 2013

Contact: Adam Collins 0408 529 633