Aussie banks seek freer market access

AUSTRALIAN financial institutions in China propose that the Chinese authorities scrap obstacles foreign lenders face to help them further develop in the world's second largest economy.

The proposal was contained in the first Australian Chambers of Commerce Issues Paper released by Trade Minister Craig Emerson in Shanghai yesterday, which covers 14 matters in five areas including banking, insurance and asset management services.

The paper suggested allowing foreign institutions to invest in three banks. They now are limited to invest in a maximum of two Chinese-funded financial institutions.

The chamber would also welcome raising the 20 percent cap on foreign investors in local banks and trust companies to 49 percent, according to David Olsson, chairman of Austcham Joint Financial Services Working Group.

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