(30 May 2013, Sydney)

Your Honorable Representative of the Premier,

Chairman Su of China UnionPay and UnionPay International,

Dear guests,

First of all, I'd like to congratulate Bank of China and UnionPay International on launching the dual-currency UnionPay debit card in Australia. The launch of the card is the fruit of joint effort by Bank of China and UnionPay International. The debit card has two transaction currencies: Australian dollars and Chinese Yuan, and can be used all over the world on UnionPay global network.

As we all see, the Chinese economy has maintained a double-digit growth during the past decade, and China is one of the most dynamic economies in the world. The complexities of international finance has caused China's economic growth to slightly slow down, but economic re-structuring and fine-tuning brought about by a new round of urbanization and information technology, plus institutional optimization through more globalized and diversified approaches, are going to make sure that China's long-term growth, stabling at 7-8% annually, is going to drive the economic resilience of Australian economy and the world as a whole.

The political and economic ties between China and Australia show good momentum in recent years, with Prime Minister Julia Gillard's fruitful visit to China, and a strategic partnership and a regular high-level consultation mechanism being established. China is Australia's largest trading partner, the most valuable tourist source country and the largest source of international students. Now direct currency conversion has been enabled between Australian dollar and Chinese yuan. The dual-currency UnionPay debit card issued by Bank of China to be unveiled today provides cost-efficient payment services for people travelling between the two countries. The great convenience brought by this card is conducive to deeper economic ties and more exchanges between our two countries. Bank of China Sydney Branch is the first Chinese-funded bank to issue dual-currency credit cards in Australia, marking a brilliant chapter in the China-Australia financial cooperation.

I sincerely wish UnionPay International and Bank of China capture more business opportunities in Australia, and wish everyone health and success.