ANZ recently released a new report called ‘Caged Tiger: The Transformation of the Asian Financial System’. The report predicts that Asia’s financial system has the potential to surpass those of both the United States and Europe combined by 2030.

Mike Smith, CEO of ANZ, stated that China will require a financial revolution to compliment the economic revolution that the nation has undergone in recent years.

According to ANZ’s report, around half of Asia’s financial assets will be attributed to China by 2050. Meanwhile, Asian bond markets are projected to expand to six times their current size over the next decade and a half.

Smith said:

“Continued progress in financial reform, deregulation and opening up to global markets in Asia will be essential to support high levels of economic growth in the region.

“China is central to this Asian Century scenario. The direction and sequencing of reform envisaged following the Third Plenum will significantly influence the direction and growth of its financial system.”

According to Smith, this will create countless opportunities throughout the region.

“Asia’s financial institutions will become increasingly important in global finance and Asia will become home to many of the world’s largest financial centers. Shanghai will grow to rival New York as a financial center. Singapore will increase its importance as a south-east Asian hub.”