China's fast economic development can only bring benefit to the Swiss banking sector, and Swiss bankers welcome the emergence of such a "fantastic challenge", the Swiss Bankers Association (SBA) said on Wednesday.

It's predictable that China's economic development will be stable and its high growth rate will last for years, Pierre Mirabaud, chairman of the SBA, told of gathering of Geneva-based reporters.

"It's of great interest to Swiss banks, and we are very happy to engage in that dynamic growth," said Mirabaud, whose Basel- based organization has a membership of some 370 banks and approximately 9,200 individual members.

He said China's stable economic growth will bring opportunities as Swiss banks not only have branches in the region but also have large investments in local stock markets.

The emergence of Asian countries such as China and India will not threat inflow of capital to Swiss banks, as Swiss banks have their subsidiary offices in Asian financial centers such as Hong Kong and Singapore, which can only benefit from the economic growth of that region, he added.

According to Mirabaud, China's economic growth can serve as a motor for world growth and it can also contribute to world stability.

He expressed hope that China's banking sector will speed up its reform and opening so that Swiss banks could have more business there.

The SBA has been watching closely the reform of China's financial system, he said, adding that bankers of the two countries have had regular exchanges for quite a few years.

He disclosed that a group of Swiss bankers are paying another visit to China later this year, with Beijing and Shanghai as their major stops.

Source: Xinhua