Sino-Oz comprehensive strategic partnership forged(2)

China will set up a clearing bank in Sydney to handle RMB business and grant a 50-billion-yuan (8.2 billion US dollars) quota of investment to Australian financial institutions under the RMB Qualified Foreign Institutional Investors (RQFII) program, Xi said.

China has also agreed to increase the inter-bank bond market quota to 10 billion yuan (1.6 billion dollars) for the Reserve Bank of Australia to invest in China, he said.

Launched in 2011, the RQFII program allows foreign investors to invest in Chinese onshore stock and bond markets with offshore RMB.

China stands ready to actively participate in Australia's development project in its northern regions at the invitation of the Australian side, Xi said.

He also expressed hopes that Australia can continue to offer a fair environment for Chinese companies.

For his part, Abbott said the completion of the FTA negotiations is very exciting and displays the extensiveness and strong momentum of bilateral cooperation.

The Australian side hopes to constantly promote bilateral trade and investment, and welcomes Chinese businesses to invest in the country and participate in the exploitation of energy resources and the infrastructure construction such as high-speed railways and ports, he said.

PEOPLE-TO-PEOPLE EXCHANGES

The Chinese president said that both sides should actively increase people-to-people exchanges, facilitate and promote mutual visits between the two peoples.

China supports the Australian government's New Colombo Plan that will be carried out in China in 2015 with a view to enhancing student exchanges between the two countries, and China also supports the establishment of a mechanism on exchanges and cooperation between leading officials of Chinese provinces and Australian states, Xi said.

China highly values its cooperation with Australia in justice and law enforcement and in chasing fugitives and illegal assets, so as to jointly crack down on corruption.

The president said that China welcomes Australia to integrate itself into Asia, and is willing to strengthen communication and coordination with Australia within such multi-lateral mechanisms as the UN, the Group of Twenty (G20), the East Asia Summit (EAS) and the Pacific Islands Forum (PIF), enhance cooperation in global economic governance and counter-terrorism, and jointly push forward the Free Trade Area of the Asia-Pacific (FTAAP) process.

For his part, Abbott said that Australia will take measures to simplify the visa procedures for Chinese citizens and encourage the people-to-people, cultural and educational exchanges.