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Development of Payment-Clearing Sector in Financial Reform of China

In: The New Cycle and New Finance in China

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  • Shusong Ba

Abstract

With economic restructuring and financial reform in progress across different sectors, the payment-clearing sector in China is also forging ahead continuously. In 2016, it witnessed two major changes: The first is the adoption of the reform-and-opening-up policy for the payment-clearing sector; the second is the kicking off the project of online payment-clearing platform dedicated to the payment agencies. These two measures will exert a major influence on the country’s payment-clearing market, pushing ahead the reshaping of the market with regard to its form and structure. Of the two measures taken, the opening up of the bank card-related payment-clearing market is expected to facilitate the development of a market of fair play and accelerate the further reform and innovative restructuring of payment service in China. It is also expected to promote a sound development of the economic and financial market, push forward economic restructuring and upgrading and strengthen international economic cooperation. The establishment of the online payment platform will help, among others, save social resources, improve the efficiency of payment and clearing, optimize the structure for market competition and ensure the transparency of supervision.

Suggested Citation

  • Shusong Ba, 2022. "Development of Payment-Clearing Sector in Financial Reform of China," Springer Books, in: The New Cycle and New Finance in China, chapter 0, pages 221-225, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-8209-4_27
    DOI: 10.1007/978-981-16-8209-4_27
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