The Australian financial services industry has organised its own delegation to China, in a move to foster stronger ties with China's funds management industry.
Led by the Investment and Financial Services Association (IFSA), the group includes fund managers as well as officials from Federal Treasury and Austrade.
The move comes on the back of Australia and China signing a bilateral agreement in June this year.
Chinese banks, insurance firms and funds management companies are now allowed to invest in the Australian financial services market under the Qualified Domestic Institutional Investor (QDII) scheme.
"This delegation follows on from that important agreement between Chinese regulators, and ASIC," IFSA chief executive Richard Gilbert said.
ASIC has recently facilitated greater ties between the world's regulators, particularly in Asia.
An agreement between ASIC and the Hong Kong Securities and Futures Exchange has paved the way for certain managed investments to be offered between the two countries.
"It is now up to the industry to make the most of the opportunities that have been created, through this enhanced level of recognition of Australian financial service providers," Gilbert said.
