The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Wayne Swan

Wayne Swan

Deputy Prime Minister and Treasurer

3 December 2007 - 27 June 2013

29 August 2011

NO.103

Treasurer to Visit Hong Kong and Guangzhou

Today I will travel to Hong Kong to meet with key regional investors and policy-makers to get a first-hand assessment of economic and business conditions in the region and to discuss the strengths of the Australian economy.

I will meet with Hong Kong's Chief Executive, Donald Tsang, and Hong Kong's Finance Secretary, John Tsang. I will also meet with the Chief Executive of the Hong Kong Monetary Authority, Norman Chan.

Meeting with senior policy-makers and business leaders on the ground has played a vital role in accurately assessing global conditions and putting in place Australia's highly effective policy responses.

These discussions will be another important opportunity to discuss key issues such as the impact of current global economic turbulence on the region and the internationalisation of the Chinese currency, the Renminbi.

I will emphasise that the longer-term growth prospects for Australia and Asia are bright, and that Australia faces the current period of instability from a position of strength, with low unemployment, very low public debt, a strong financial system and a substantial pipeline of investment.

On Wednesday I will travel to Guangzhou where I will meet with Mr Wang Yang, Party Secretary of Guangdong Province to discuss ways to build further on the strong links between Australia and Guangdong.

I will also meet local companies with significant Australian interests, as well as Guangdong-based Australian companies.

I will deliver a keynote speech at the 2011 Congdu International Summit. The Summit will bring together leaders and senior business people from Australia and China to discuss our shared economic interests, including how we can work towards a low-carbon economy.

China is Australia's largest trading partner and an important source of foreign investment. Guangdong - the province in which Guangzhou sits - is our largest provincial trading partner within China. Guangdong also has the largest population and highest GDP of any of China's provinces. On its own, Guangdong's GDP would be ranked as around the 17th largest in the world.

CANBERRA
29 August 2011