A group of financial services industry trade associations is calling for greater access to Chinese financial markets.

The trade groups, including the Investment Industry Association of Canada (along with the American Bankers Association, the Financial Services Forum, the Financial Services Roundtable, the Futures Industry Association, the Investment Company Institute and the Securities Industry and Financial Markets Association, among others), issued a statement urging G-8 finance ministers meeting in Osaka, Japan to encourage China to further open its financial sector to greater foreign competition.

“By helping to provide the financial products and services that China’s citizens and businesses need to save, invest, insure against risk, raise standards of living, and consume at higher levels, foreign financial institutions can help China develop an economy that is less dependent on exports, and more services-based and consumption-driven — yielding great benefits for China and G-8 nations alike,” they said.

“China is the world’s third largest economy, the world’s fastest growing economy — supported by one of the world’s most underdeveloped financial sectors. China’s financial sector is a major obstacle to achieving its own economic goals of diversifying its economy to include a robust services sector and a more active consumer,” they added. “The world-class expertise that global financial services institutions bring will help to expand the availability of capital and provide Chinese consumers greater access to a range of financial-services products not currently available.”

Finally, they applauded the progress China has made towards opening its financial sector to foreign participation. “But given China’s importance in the world economy, much more progress is needed,” they stressed. “We share the view that engagement continues to be the best way to achieve our shared economic goals.”