CHN's growth driving mineral demand: Trade Minister

Dr Emerson launched the Australian Chambers of Commerce's (AustCham) first "issues paper" on the Australian financial sector in China, saying trade between the two countries would increasingly focus on services.

"Rapid urbanisation in China, and the growth in consumption, is driving up demand for financial, health, energy and a range of other services," Dr Emerson said in a statement on Monday.

"While Australian exports to China have been dominated until now by minerals, we are starting to see more and more opportunities for engagement in non-merchandise sectors."

Joint chairmen of the AustCham financial services working group, David Olsson and Andrew Whitford, said the paper aimed to support the Australia-China commercial relationship.

AustCham members in Beijing and Shanghai have been working over the past year to produce the paper, which represents the views of Australian financial service providers operating in China.

The recommendations within the paper focus on issues that would enhance the ability of Australian financial institutions to be more competitive in the Chinese market.

"Australian financial service providers in China respect China's ambition and drive towards becoming a global financial hub," Olsson said in the statement.

"We have developed this paper to identify a number of potential benefits to China in improving the competitiveness of its current financial services sector."

Whitford said the paper is directed primarily to policy makers in China who may be interested in reviewing Australia's financial regulatory environment, "which has largely supported Australian interests during the global financial crisis and current growth".

AustCham intends to undertake a series of more detailed presentations and discussions with Chinese regulators and officials over coming months.