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On Wednesday 4 May, ACBC welcomed Mr Danny Armstrong, General Manager, China Banking, NAB and Chair of the Financial Services Industry Committee, AustCham Shanghai to speak about the Australian Financial Services Business in China White Paper for 2016.
The 2016 white paper is the third report prepared by the Australian Chamber of Commerce in China. While significant developments in China’s financial markets and the associated regulatory environment have been witnessed since the first white paper in 2012, AustCham recommends a number of general and specific measures, aimed at encouraging the continuation of the positive changes recently witnessed.
Danny began by speaking about the high level recommendations present in the white paper. The first suggestion related to liberalisation and regulation. AustCham Shanghai believe that China’s use of market instruments and direct administrative measures to prevent market volatility are now sources of financial instability. The white paper recommends that the basis of the system should be changed, making it more principles oriented while retaining some of the controls in certain areas. Danny further stressed that consultation and engagement between Chinese financial regulatory bodies and foreign entities will reduce confusion.
Another suggestion spoke to the need for better information as a way to assist the international competitiveness of the Chinese financial services sector and to reduce volatility. This includes the provision of reliable and accurate economic data, clear statements of medium-term macroeconomic policy and increasing the speed and reliability of the internet.
Additional recommendations included the increased internationalisation of the RMB and the development of China’s Free Trade Zones. Danny also presented on the recommendations for specific service providers, in sub-sectors such as banking, funds management by foreign based and China based entities, insurance, infrastructure financing and international money remittance services.
More detail can be found in the 2016 White Paper itself. Please click here to view a copy.
Danny’s informative presentation was followed by an engaging Q&A session and networking opportunities. We kindly thank Danny for his time and expertise, and thank all those who attended.