Deputy Chief Economist Zhang Yongjun Meets with Head of Westpac Banking Corporation Greater China Andrew Whitford

On 5 August 2015, Deputy Chief Economist Zhang Yongjun met with Head of Westpac Banking Corporation Greater China Andrew Whitford. Also present at the meeting were related officers from the Economic Research Department, External Affairs Department and China Economic Consulting Corporation of CCIEE and Mr. Zha Zhongmin, General Manager of Westpac Banking Corporation Beijing Branch.

Mr. Zhang Yongjun noted that China is undergoing a major shift from a manufacturing-based, investment-driven economy to a service-based, consumption-driven economy. China’s GDP growth is expected to maintain an about 7% growth rate in the next few years, which is sufficient to support China’s total employment. He said that the conclusion of the Free Trade Agreement between China and Australia will lead to an upward bilateral trade and greater Chinese investment in Australia. It is therefore imperative to speed up the internationalization of RMB and open China’s capital account wider to the outside world to spur the further growth of bilateral trade and economic cooperation.

Mr. Andrew Whitford explained the significance of China as a major destination for Australian investment and a major market for Westpac. He expressed Westpac’s readiness to step up cooperation with China in investment and finance.

The two sides also exchanged views on the management of China (Shanghai) Pilot Free Trade Zone and the recent volatility on China’s stock market.