Financial inclusion in China: Deepening high-level financial inclusion for foreigners in China
Mark Yama Tampuri Jnr, Kong Yusheng, Isaac Asare
There have been researches on Financial Inclusion in China; however, not much has been researched on Financial Inclusion indicators for foreigners in China. Based on the 2014 Global Findex Database report, 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 mainly have access to essential banking services as a transaction account from their banks. Mostly, foreigners are satisfied with their bank's services; however, they feel limited in acquiring sophisticated banking services except for primary use. Observation is made that Wechat and Alipay Payment Services remain the most accessed and used financial services platform, providing the most depth financial access and usage without limitation for foreigners in China; hence foreigners rely mostly on the two services traditional bank for their financial transactions.