Bankcard clearing business to open
Print Edition
CHINA will open the bankcard clearing business to both domestic and foreign investors in an effort to broaden the opening-up in the financial sector and optimize the consumption environment.
“All qualified domestic and overseas enterprises can file applications for setting up bankcard clearing institutions in China,” according to a statement released after an executive meeting of the State Council yesterday presided over by Premier Li Keqiang.
The statement did not give any specifics on investors’ qualification, but said that the country must improve management and prevent risks to safeguard the legitimate interests of card users.
At present, China UnionPay is the only bankcard clearing institution in China.
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