FTA: What's in it for financial services

AUSTRALIA-CHINA FREE TRADE AGREEMENT: WHAT'S IN IT FOR THE FINANCIAL SERVICES SECTOR

* China has given the most substantial market access to Australian banks, insurers and securities firms of any free trade partner, apart from agreements with semi-autonomous territories Hong Kong and Macau.

* Australian insurance providers given access to the third-party liability motor vehicle insurance market.

* Streamlined approval processes and waiting periods for Australian banks to be involved in lucrative local currency (renminbi) trading.

* Australian financial service companies will be able to set up joint venture companies with 49 per cent Australian ownership, where foreign ownership was previously banned.