Australia says to benefit from China's economic development

China's economic development will provide Australia with numerous economic opportunities, an official of the Reserve Bank of Australia (RBA) said Thursday.

Christopher Kent, RBA assistant governor, made the remarks at an Economic Society of Australia lunch.

He said that although the Chinese economy would experience a gradual moderation in growth over the next few years, "The Chinese authorities have an expansive agenda of reforms necessary for this transition and progress has been made on a number of fronts."

"There have been many positive signals from the leadership (in China) about improving the sustainability of growth, including recent calls to implement so-called 'supply-side' reforms, with a view to facilitating deleveraging in the corporate sector and reducing excess capacity in key industries," he said.

Kent noted that China's economy had grown at an impressive rate over the past 20-25 years and China would continue to provide Australia with significant economic opportunities over the long term, in sectors such as agriculture, education and tourism. Endit