Sydney to host supporting event for world's leading economic forum

Sydney will host a supporting event for one of the world's leading economic forums, the Boao Forum for Asia (BFA), in 2015, the deputy premier and minister for trade and investment of New South Wales (NSW), Andrew Stoner, announced Saturday in Beijing, according to the office of the deputy premier in Sydney.

Secretary General of Boao Forum for Asia Secretariat Zhou Wenzhong met with Stoner in Beijing to sign a memorandum of understanding with the NSW deputy premier and state leader of the National Party, the office said.

"The BFA, permanently located in Boao, Hainan in China, is the leading forum in Asia committed to promoting economic integration in the region," Stoner said during the meeting.

NSW will host a financial cooperation event in June 2015 as part of the expanding charter of the BFA to host conferences, seminars and workshops on issues of significance to the economic and social development of Asia and the world.

According to the office, the Boao extended event will attract some of the highest level leaders from government, business and academia throughout Asia Pacific to Sydney and throw further light on the state's role as a global financial hub for the region.

Zhou Wenzhong said he was delighted to bring the forum back to Australia after three years.

"BFA is the premier forum for Asia and emerging markets. This is the second time the BFA will host a conference in Australia, following a 2011 conference on energy, resources and sustainable development in Perth," Zhou said.

"Energy, resources and financial cooperation are the two most important conference brands for BFA, in addition to its flagship annual conference each spring in Boao."

NSW was the first state to initiate "Sister State" links with China, partnering with Guangdong Province in 1979.

According to Jim Harrowell, president of the Australia China Business Council (ACBC) in NSW, the commercial side of this relationship has flourished ever since.

"With over one third of Australian trade with China originating in New South Wales, and with Chinese the second most spoken language in the state, New South Wales is a driving force in the growing links being forged between Australia and China," Harrowell said.

Previously, by holding financial conferences in London, Paris and Mumbai, BFA has managed to expand its footprint to key financial centers in the world.

Zhou also commended Australia and Sydney for its highly developed financial industry.

"Despite a lower population, Australia boasts four banks ranking in the Top 20 globally and increasingly strong links with the Asian economy through trade and investment," Zhou said.

"BFA members harbor great interest in coming here and tapping the potential of this dynamic country and city through face-to- face discussions on a wide variety of issues related to financial cooperation."

Stoner said securing the event for Sydney was an outstanding achievement for NSW and an endorsement of the state's significant economic credentials.

China and NSW have developed extensive trade links in sectors such as agriculture, education, tourism, environmental protection and telecommunications, and in 2008-09 China was NSW's largest trading partner.

Two-way merchandise trade between NSW and China was worth more than 27 billion Australian dollars (25 billion U.S. dollars) last financial year and China's banking system is on track to overtake the U.S. system by 2020.

"We are at the heart of Australia's financial and professional services industries, boosted by some 600-plus multinational companies that have chosen Sydney as their regional headquarters," Stoner said.

Home to over 7 million people, NSW has the largest and most dynamic economy of any state in Australia and is known for its tourist attractions and iconic structures such as the Sydney Harbor Bridge and the Sydney Opera House.

NSW also is home to the largest Chinese community in Australia, with approximately 290,000 Chinese people.

"The 2015 BFA Financial Cooperation Conference will continue to keep Sydney and NSW in the global business spotlight and I am confident we will make it another major global business event to remember," said Stoner.