Financial Services Working Group
Australia's sound financial system and strong fiscal position relative to many other developed economies has allowed the Australian economy to weather the global financial crisis better than any other advanced economy.
The Financial Services Working Group is a forum where members from financial services firms operating in China and those associated with the financial services sector, can share information, views and experiences on operating in China. The Group also provides a valuable platform for communication with Australian Government representatives in China on barriers and issues that Australian financial services firms experience operating in the China market. Leveraging on the strength and reputation of Australia's financial system, the Group also aims to create a dialogue with key local officials around issues of mutual interest.
The Group holds regular meetings and, over time, plans to develop a raft of activities to stimulate discussion on financial services industry issues that may include inviting key speakers from both a local and Australian perspective to discuss aspects of the financial system's operation in China and Australia, dialogue with visiting Australian Ministers and financial services industry business leaders and collaboration with other country Chambers of Commerce on financial services industry issues of mutual interest.
2012 Financial Services White Paper
Australian Trade Minister Dr Craig Emerson launched the Australian Chambers of Commerce (AustCham) 2012 White Paper on the Australian financial services business in China, on 29 May 2011 at the China International Fair for Trade in Services (CIFTIS) in Beijing.
In the Paper, AustCham Beijing and Shanghai members collectively put forward a number of recommendations for the further development of the financial services sector in China. The release of the Paper comes in the wake of Australian Treasurer Wayne Swan's acknowledgment of growth in Asia.
“Australian financial institutions operating in China are encouraged by positive changes in the Chinese sector, including those that strengthen the China – Australia relationship, such as the recent signing of the bilateral local currency swap.” said Mr Whitford.
“Australian financial institutions welcome the opportunity to further invest in the development of the Chinese sector, and share their experiences of operating within Australia’s well-regarded financial regulatory environment” said Mr Whitford.
Mr Olsson noted that “The recommendations of the Australian financial institutions are consistent with the observations in last year’s Paper, and are primarily in the areas of:
• Increased market access,
• Consistency and equality of market access for all financial institutions that participate in the Chinese financial services sector, and
• Deeper and more regular dialogue between China’s policy makers, financial regulators and foreign financial institutions.”
These recommendation aim to drive growth of the Chinese financial services sector, develop capacity and integrate markets.”
The 2012 White Paper serves to open future dialogue with Chinese Government officials and policy makers. Chinese and Australian officials who attended the launch event on 29 May 2012, included:
- The Hon Dr Craig Emerson
- Her Excellency Frances Adamson Australian Ambassador to the People’s Republic of China
- Chief Executive Officer of the Australian Trade Commission, Peter Grey
- Representatives from the Ministry of Commerce People’s Republic of China
AustCham intends to undertake a series of more detailed presentations and discussions with Chinese regulators and officials over coming months.
Working Group membership is open to all AustCham Beijing members. For more information please contact Stevan Tao: Steven.Tao@austcham.org or +8610 6595 9252.