Prime Minister Kevin Rudd will raise concerns over the Australian financial services industry's access to the Chinese market when he heads to Beijing next week ahead of the Olympics.
While Australia's financial services industry was performing well domestically, there was much to be done to boost growth overseas, particularly in Asia, Mr Rudd said on Thursday.
Asia offered big opportunities in financial services because of its growing middle classes, ageing populations and savings growth, and recent increase in the movement of capital, he told the Financial Services Hub Summit in Sydney.
But Asian countries sometimes had significant barriers to entry, which the Australian government aimed to overcome, Mr Rudd said.
"The core objective is to take the domestic strengths of the Australian financial services sector ... and convert Australia into a financial services hub for greater East Asia," he said.
"When I'm in China next week I'll be raising concerns which the industry has over further access we require in China, given the opportunities I'll have for meeting with various representatives of the Chinese leadership."
Mr Rudd also said Australia had secured approval last month as an investment destination under the Chinese Qualified Domestic Institutional Investor Scheme.
"This will open opportunities for Chinese banks to offer investment opportunities in Australia, providing access to one of fastest growing markets for funds management in the world," he said.
It was also important to lower barriers to Australian fund managers in the Hong Kong market, which would offer Australian companies indirect access to China's mainland market, Mr Rudd said.
At home, the Australian government planned to improve the overseas potential of the financial services sector by cutting withholding tax rates for real estate investment trusts, nationally regulating credit products and providing the workforce with additional skills.
The government had invested $62 million to boost Asian language teaching in Australian schools as part of its bid to lift the country's Asia-related expertise.
"In the eyes of the world we want to make Australia the most Asia-literate country in the collective West," Mr Rudd said.
"That process is already under way; the challenge is to take it to the next level."
