Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

Our world-class financial services sector does extremely well under this free trade agreement. China has committed to deliver new or improved market access to Australian financial services providers in the banking, insurance and funds management areas, as I said in response to the primary question. China has allowed overseas trading of China's currency in Australia for the first time, improving the efficiency of cross-border renminbi transactions. China has also allowed Australia's funds management industry enhanced access to the Chinese onshore securities market—an area of significant potential growth for Australian businesses.

For the first time in an FTA, China has committed to allow Australian insurance providers access to China's lucrative statutory third-party-liability motor vehicle insurance market without imposing establishment or equity restrictions. China has agreed to a reduced waiting period for Australian banks to engage in local currency business, from three years to one year, and removed the minimum— (Time expired)