Today I will be participating in a series of meetings in Hong Kong on financial services technology (FinTech) before travelling to attend the G20 Finance Ministers and Central Bank Governors Meeting on the weekend in Shanghai.
In this time of considerable volatility in the global economy I look forward to meeting with my international counterparts to discuss the global economic outlook, the major challenges we all face and what we can do to respond in an ever more connected global economy.
This is the first G20 Finance Ministers’ and Central Bank governors’ meeting under China’s 2016 G20 Presidency.
Australia hosted the G20 in 2014 and drove meaningful outcomes to lift growth and create jobs. Under our presidency, agreement was secured for G20 members to lift collective GDP by 2 per cent by 2018 – backed by reforms in growth strategies implemented by each member country.
G20 members have already implemented half of these reforms, contributing over a third toward the 2 per cent growth goal. This is an important achievement but the job is not done. World economic growth remains uneven and we will be discussing elevated risks to the global outlook and growth.
China’s G20 agenda builds on the work undertaken in Australia’s host year and in 2015, Turkey’s host year. China’s policy ambition on growth and jobs, and enhancing global economic resiliency, is strongly supported by Australia and is aligned with our own interests.
In Shanghai, I will hold bilateral meetings with a number of Finance Ministers from key regions that are important to Australia’s economy. In Hong Kong I will meet with representatives from the Australian finance sector operating in Asia.
Australia’s financial system is already one of the most sophisticated, well-regulated, competitive and profitable in the world. One way to boost exports is through financial technology – or FinTech – which is already transforming the sector.
We’ve established a FinTech Advisory Group to help identify areas of potential reform, and ensure industry priorities are taken into account in implementing our financial system program.
Further, ChAFTA (China-Australia Free Trade Agreement) secures a range of financial services commitments from China, including provisions on transparency, regulatory decision-making and streamlining of financial services licence applications.
I look forward to discussing these and many other matters with my counterparts and colleagues.