The government will significantly ease market access and push forward opening in the e-payment sector

on

China payment industry – China will open up its payment industry in a balanced and orderly way, Fan Yifei, deputy governor of the People’s Bank of China (PBOC), said at a forum Thursday.

The country would give overseas-funded financial institutions “pre-establishment national treatment,” which means giving equal treatment to overseas and domestic companies even before they make investments, coupled with the negative list approach, according to Fan.

“The government will significantly ease market access and push forward opening in the e-payment sector,” Fan said at the Sixth China Payment and Clearing Forum.

Front-end trading and settlement will be opened up first.

Being an important part of the financial service, all payment businesses from public, private and foreign-funded institutions should ask for permission and be subject to supervision in the country.

The central bank governor Zhou Xiaochuan called for more reform and opening up of the country’s financial sector earlier this month.

Zhou also said in June that opening up helped to build a strong and competitive financial sector, and that protectionist behavior limiting the participation of foreign players would lead to laziness and weakness, causing poor competitiveness and hurting the industry’s development.

Source: ecns

 

If you like this article, please help us by making a donation so that we can continue our work. Please help keep us independent.

 

Subscribe to China Underground and get Planet China

To be updated with all the latest news, offers and special announcements. Planet China is a free digital magazine including interviews with experts, directors, designers, photographers, journalists, critics, and artists.

China-Underground
China-Undergroundhttp://china-underground.com
CinaOggi.it and China-underground.com are two websites focused on China and Chinese culture. The site includes thousands of articles on this country structured in categories: news, trends, economy, history, art, guides, literature , pictures gallery, videos and Chinese cinema.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Search

2,080FansLike
1,176FollowersFollow
305SubscribersSubscribe

Latest

lining

Li-Ning : Paris Fashion Week – Menswear Fall Winter 2020-21

0
Honoring its 30th year as China’s great icon of athletics, Li-Ning forges forward for Autumn/Winter 2020, proposing a new meld...
 

If you like this article, please help us by making a donation so that we can continue our work. Please help keep us independent.