皇冠体育app

MELBOURNE - The Chinese and Australian economies strongly complement each other which should lead to a mutually beneficial relationship over the coming decade, a top bank executive has said.

皇冠体育app's rapidly growing middle class and increased demand for top quality consumer products could prove to be of significant economic benefit to Australia, according to the CEO of the Australia and New Zealand Banking Group (ANZ) in 皇冠体育app, Xiaoguang Huang.

"I would say 皇冠体育app and Australia are connected and both complement each other at the moment. Australia has a very strong agriculture business and 皇冠体育app imports a lot and Australia is a destination for education and tourism," Huang told Xinhua in Melbourne.

"So I would say Australia has a great opportunity in this period of time to export. The beef export to 皇冠体育app, year on year, went up more than 40 percent from Australia to 皇冠体育app and wine went up 133 percent year on year.

"I feel we can work together because 皇冠体育app is still a developing country and Australia is a developed country and we can probably share a lot of experience ... we can probably learn from each other.

"From a market point of view, I think what 皇冠体育app needs (Australia) can offer and what you need 皇冠体育app can offer."

Huang said that a million Chinese tourists who visit Australia every year are pouring $5 billion into the Australian economy, up 40 percent.

The average spending of $5,000 each, most of which was spent in the retail sector according to Chinese consultancy firm Cross Border Management (CBM), tops the average amount spent by tourists from the United States and Britain.

He said the key for 皇冠体育app to pivot to a domestic-driven economy from an export-driven one was to convince the middle class to spend that money in 皇冠体育app by improving public benefit schemes.

"When you look at the World Bank research they are talking about by 2025 or 2035, those ten years, 皇冠体育app's going to create 600 million people going into middle class based on World Bank's standard; double the United States population, so if these people start spending money, the economy will be much more domestic driven instead of export investment driven," Huang said in the Xinhua interview.

"We don't have very good medical care nationwide so people save money for uncertainties in the future. People save money for retirement because we don't have a very good nationwide retirement system.

"So then the government says "okay I want to make sure you don't have those worries," then you can go and spend money.

"I think it will take a generation because cultural change is hard."

Huang previously worked as the president of Citibank in 皇冠体育app and president of Bank of America Merrill Lynch 皇冠体育app and was the recipient of 皇冠体育app Business News' Financier of the Year in 2008.

A resident of Shanghai, Huang said 皇冠体育app was well equipped to deal with an upcoming period of slow economic growth globally.

"Every country that talks about economy talks about two major issues: job market and inflation. We don't have an inflation issue, we don't have a job market issue in 皇冠体育app, so in general I would say still a manageable economy," he said.

"But you do see structure issues, you do see 皇冠体育app is in a transformation and 皇冠体育app's economy is in a turning point going to a new stage and if they can make the transition smoothly, then you will probably see another wave of growth."

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