Entry into the retail market was achieved mainly by takeovers of local banks and financial companies, not least to gain the competitive advantage stemming from local roots and close customer relations.
I would like to thank UBS for the opportunity to participate in this conference. Given its importance to the Australian economy, the Bank monitors developments in China closely with a team of economists in both Sydney and Beijing. The easing in the growth of the Chinese economy over the past year or so has two related parts.