Addressing the Bloomberg Summit in Sydney, Mr Morrison stressed that in the coming 15 years, China and India will be home to over two billion new middle-class consumers.
In addition, China’s middle class is set to expand from 12 per cent of the population to a staggering 70 per cent by the year 2030.
“The emerging middle class will also have greater demand for more sophisticated goods, and a broader range of services, especially the financial and professional services at which Australians excel,” the Treasurer noted.
“There are enormous opportunities for our engineers, our doctors, our accountants, our architects, our financial planners and so many more.”
Mr Morrison drew comparisons between the aging population of Australia and that of China, and stressed the opportunity that it presents Australian financial services professionals.
“The proportion of the Chinese 60-plus age group will grow more than threefold – from 10.9 per cent to almost 36 per cent – over the next 50 years.
“By 2019 the proportion of people aged 60 and older in China will exceed that of people ages 0-14,” Mr Morrison stated.
As a result of the recent China Free Trade Agreement, the Treasurer noted that Australian businesses "are very well placed to provide services in those countries where their democracies have a similar trajectory to our own and, in fact, in many cases are far more advanced down that path”.
“We are the big winners out of this relationship.”
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