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.


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.












Back to Pavilion