To thoroughly implement the decisions and arrangements made by the Communist Party of China (CPC) Central Committee and the State Council, on February 29, 2024, the People’s Bank of China (PBOC) held a meeting on advancing payment service optimization. PBOC Governor Pan Gongsheng attended and addressed the meeting. Zhang Qingsong, PBOC Deputy Governor, and Xu Zhibin, Deputy Administrator of the State Administration of Foreign Exchange (SAFE), were also present.
It was stressed at the meeting that the CPC Central Committee and the State Council attach great importance to payment facilitation. On February 23, the State Council executive meeting reviewed and approved the Opinions on Further Optimizing Payment Services to Facilitate Payments, which emphasizes the need to address the payment inconveniences faced by elderly people, foreign visitors to China, and some other groups. The Opinions requires that the relevant parties enhance coordination and cooperation, input more resources as necessary, and take multiple measures to remove the blockages to payments, so that the diverse modes of payment, such as mobile payment, bankcard payment, and cash payment, will achieve development side by side and be mutually complementary.
As noted at the meeting, optimizing payment services essentially reflects the people-oriented nature of financial work, and it is also a requirement inherent in our commitment to further improving the business environment and serving the needs of high-standard opening-up. Working with the relevant parties in a goal-oriented and problem-oriented manner, the PBOC will take into consideration the payment preferences of different groups and coordinate efforts to improve the weak links. Further work will be done to advance the development of payment service scenarios and to enhance the inclusiveness of payment services. Moreover, the PBOC will put effort into improving the system of multi-tiered and diversified payment services, and provide higher-quality, more efficient, and more convenient payment services for elderly people, foreign visitors to China, and other groups, thus better serving the needs of people’s lives and high-standard opening-up.
The meeting required that all the relevant parties should conscientiously implement the decisions and arrangements made by the CPC Central Committee and the State Council. In accordance with the requirements laid down at the State Council executive meeting, they should take active steps to live up to their duties, strengthen cross-department collaboration, specify the measures, timetable, and roadmap, and establish a mechanism for follow-up supervision. While focusing on key cities and key venues, they should stimulate the enthusiasm and creativity of payment service entities, such as commercial banks, non-bank payment institutions, clearing institutions, and currency exchange institutions. Paying close attention to key tasks regarding bankcard acceptance, foreign currency exchange, cash payment, mobile payment, and the relevant publicity, they should take concrete measures, striving to achieve notable effect in a short period of time.
Major officials from the relevant PBOC and SAFE departments and PBOC branches at or above the sub-provincial level attended the meeting. Attendees also included representatives from major commercial banks, non-bank payment institutions, the Payment & Clearing Association of China, China UnionPay, and NetsUnion Clearing Corporation.
