AustCham

Australian Financial Services Business in China – AustCham Shanghai 2016 White Paper

In a bid to encourage the continuation of financial services reform in China and put forward positive suggestions, AustCham Shanghai produced its 2016 White Paper: Australian Financial Services Business in China, the third report of its kind.

The Paper was authored by Jeff Schubert, a former Chief Economist of HSBC (Australia) and Ben Lyons, CEO of Toowoomba and Surat Basin Enterprise.

The White Paper describes the recent development of and changes in the Chinese financial service sector and offers high level suggestions and recommendations on liberalization, regulation, information accessibility, RMB internationalization and free trade zones, with the Australian experience and approach as a reference.

Nihao delivered a Chinese-language translation of the White Paper, which was officially published in early 2016.

Sample

Welcome Message

Welcome to the 2016 White Paper on Australian financial services business in China, the third report prepared by the Australian Chamber of Commerce in China. Preparing a whitepaper is a good analogy for China in general. Some parts of the financial industry in China are progressing at blistering speed like the Shanghai Maglev whilst other elements and systems seem not to notice the effects of time. There is a big challenge in keeping this whitepaper up to date with the rapid changes taking place. This does not however mitigate its purpose of pointing out the elements that remain unchanging and unreformed and the large benefits that can be achieved for China and it its citizens by making change.

Since the publication of AustCham's previous White Paper relating to Australian Financial Services Business in China in 2012, we have seen significant development in China's financial markets and the associated regulatory environment. China in 2015 is continuing on the path of financial sector reform and 'opening up' as part of the broader macroeconomic agenda of a shift away from investment-led growth, to a more sustainable domestic consumption-led growth. These changes will have significant implications for Australia, the Asian region and indeed globally.

Establishment of the Shanghai pilot free trade zone in 2013 and the subsequent establishment of similar zones in Guangdong, Tianjin and Fujian in 2015 and expansion of the Shanghai pilot free trade zone to encompass three additional districts - significantly including Shanghai's established 'financial district' Lujiazui, has seen heightened focus from financial services providers and investors alike, with the heralded reforms some of the most significant financial reforms in China's history: liberalisation of deposit interest rates; liberalisation of China's currency, the renminbi and liberalisation of China's capital account. Much has been achieved and the pace of change and progress made has been quite extraordinary, but of course opportunity for further enhancements remains.

 

 

前言

欢迎阅读《澳大利亚金融服务业在中国》2016年白皮书,这是由中国澳大利亚商会编写的第三份白皮书。编写白皮书可以对中国整体进行一个很好的类比。中国金融业的部分产业正如上海磁悬浮列车一样高速发展,而其他产业和体系似乎进展相对缓慢。中国社会瞬息万变,因此保证此白皮书内容的及时性是一个很大的挑战。然而,这并不妨碍我们指出保持不变和未经改革的产业,以及改变可以给中国及其公民带来的巨大效益。

 

 

自2012年澳大利亚商会关于"澳大利亚金融服务业在中国"的白皮书出版以来,中国的金融市场和相关的监管环境发展迅猛。作为其更广泛的宏观经济目标的一部分,中国在2015年持续进行了金融行业的改革和"开放",实现从投资拉动型增长到更具可持续性的国内消费拉动型增长的转变。这些变化将对澳大利亚,亚洲地区及全球产生重大影响。

 

 

2013年上海自贸区的成立,2015年广东、天津和福建等类似自贸区的成立以及上海自贸区的扩容(涵盖陆家嘴金融贸易区等其它三大片区)得到了金融服务提供商和投资者的高度关注,这同时也预示着中国历史上最重大的一些金融改革:存款利率自由化;人民币自由化以及中国资本账户自由化。这些改革已取得了骄人的成绩,而且变化之快、进展之大令人惊叹,当然一定还有进一步提高的空间。

 

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