The recently released guide to further improve foreigners' payment experiences in China is not only part of the country's continued opening-up but is also conducive to the internationalization of its financial sector, said experts.
The guide highlights that no IDs are required for transactions under a certain amount when foreign visitors use mobile payment services such as Alipay, Weixin Pay and UnionPay, and some international e-wallets are accepted by merchants in China.
Domestic payment platforms and enterprises have worked together to simplify the process by which inbound foreign tourists register for China's payment applications, and all sites of consumption are mandatory for accepting the Chinese currency in cash.
Local government debt risk in China is controllable, and the country will accelerate the construction of a government debt management mechanism in line with high-quality development so that the debt risk will be solved as the country marches toward high-quality development, a senior official said on 6th of March.
Zhongrong International Trust Co Ltd's missed payments on a few maturing trust products are unlikely to spark systemic risks in China's financial system, so talk of any contagion risk to commercial banks may be exaggerated and unwarranted, said experts on Wednesday.