China's Vice-Premier Huang Ju said Thursday that China welcomes foreign financial institutions to invest in the country and help its economic development.

Huang, also member of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China, made the remarks during a meeting with John Ralph, chairman of the Board of Commonwealth Bank of Australia, and his delegation.

The Australian delegation is in Beijing for its board meeting, the first the bank has held outside Australia or New Zealand.

Huang briefed the Australian guests on China's socio-economic advancement and its financial reforms. He said he hoped that China and Australia would strengthen cooperation in finance and other economic areas.

"China-Australia economic and trade relations have developed rapidly over the past few years, and they are highly complementary," Huang said. "There still exist great potentials in this regard. We welcome the Commonwealth Bank of Australia and other foreign financial institutions to invest in China and fuel China's economic growth, especially in the vast western region."

Ralph said his bank chose Beijing as the venue of meeting because the bank pays great attention to China's economic development. He stressed that the Australian bank will enhance cooperation with its Chinese partners so as to achieve "common development."

Source: Xinhua