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Disappointing Sydney position in Global Financial Rank

Release Date: 25/09/2014
The Sydney Business Chamber has described Sydney’s position in the latest Global Financial Centres Index at 23 as disappointing and a sign that governments have taken their eye off the ball on this issue.
Patricia Forsythe, Executive Director of Sydney Business Chamber said, “At a time when the Asia Pacific is growing in economic status there is no excuse for Sydney’s ranking”.
“The NSW Government’s just released China Strategy could not have come at a more important time and if its Action Plan is implemented fully should stem the decline.
Mrs Forsythe said, “The NSW Government is promoting Sydney as a Renminbi Trading Hub and this is significant not only for trade with China but the financial signal it will send that Sydney is a serious player in the financial market.
“The construction of and marketing of Barangaroo as a major banking and finance centre is vital to refreshing the image as a major competitor to other cities in the region that have jumped Sydney on the ranking.
“The upcoming Sydney-Shanghai Financial Services Symposium and the Sydney China business forum, both in November, are examples of measures to ensure Sydney moves up the ladder, said Mrs Forsythe.
Media contact: Patricia Forsythe 0418 165 466 or Kate Bryant 0424 186 367

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