Financial Inclusion In China: Deepening High-Level Financial Inclusion For Foreigners In China

Abstract

There have been researches in Financial Inclusion in China; however, not much has been researched on Financial Inclusion indicators for foreigners in China. Base on the report of the 2014 Global Findex Database, the paper analyses the determinants of Financial Inclusion in China in general and touches on some reasons for those outcomes. Also, researchers determine financial inclusion indicators and depth for foreigners in China. Questionnaires on Financial Inclusion indicators and individual characteristics are administered to foreigners in China and observe that foreigners largely have access to basic banking services as a transaction account from their banks. Largely, foreigners are satisfied with their bank's services; however, they feel limited in their inability to acquire some sophisticated banking services except for basic service. Observation is made that Wechat and Alipay Payment Services remain the most accessed and used financial services platform which provide the most depth financial access and usage without limitation for foreigners in China, hence foreigners relies mostly on the two services than their traditional bank for their financial transactions.

Keywords: Financial Inclusion, Financial Institutions, Government Policy and Regulation,Financial Markets, Economics of Minorities, Races, Indigenous Peoples and Immigrants, Regulation and Business Law

JEL Classification: G2, G21, G28, O16, J15, K2