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- W3102917046 abstract "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. In the last year or so, China 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. Australian investment and participation in Chinese financial markets continues to grow, with a number of new entrants across a range of different segments of the market. AustCham member feedback has continued to highlight a positive bias to continued investment in China and a desire to participate in a well regulated, transparent, open and efficient financial services sector. It is in that context that AustCham has produced this paper, with a number of suggested recommendations for further enhancement of the system.Since 1978 China has achieved vast strides in its economy and in securing an improved standard of living for its people. China has achieved this through an open-door policy and by allowing the private sector to innovate better and through the development of more efficient products and solutions for its citizens. This whitepaper hopes, in its own small way, to help China along this path. The paper has been prepared with the intention of informing discussion between Chinese and Australian policy makers and regulators and market participants, with a view to improving and streamlining the system for the benefit of customers and participants.We look forward to continuing to support these developments through an active dialogue with relevant authorities and regulatory bodies about the topics raised over the course of the coming months.Danny ArmstrongChairmanFinancial Services Industry CommitteeAustCham Shanghai" @default.
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- W3102917046 date "2016-01-01" @default.
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