The Development of Financial Services in China: The Role for Australia

A new joint report from Finsia and the University of Sydney’s China Studies Centre entitled, ‘The Development of Financial Services in China: The Role for Australia’, argues that it is crucial we now place ourselves competitively to take advantage of this new phase as a finance partner for China.

The joint report identifies a number of challenges that need to be addressed before Australia can capitalise on opportunities presented by the financial services sector in China. Those challenges include:

  • Licensing and regulatory challenges in China
  • Perception issues around the financial sectors in both countries - Australia’s financial sector is perceived as too small and conservative by China, whereas Australia is concerned about the risk profile of some Chinese institutions.
  • Bureaucratic hurdles in China remain steep; with documentation for foreign banks 15 times more time consuming than for Chinese banks operating in Australia.

To read the full report, please click here

About Finsia

Finsia - the Financial Services Institute of Australasia - is Australasia’s premier membership organisation for the financial services industry. Finsia advances our members’ careers by building their capability and professional standing – and by connecting them to leading content, insights and influential networks. Finsia also plays a vital role in strengthening the financial services industry through policy initiatives and respected credentials that drive rigorous professional standards.