Caixin
Apr 22, 2015 06:11 PM

China to Open Bank Card Clearing to Foreign Competition

(Beijing) – China plans to break up its monopolized sector of bank card-clearing with competition from both Chinese and foreign companies, according to a recent announcement by the State Council, the country's cabinet.

The announcement, dated April 9 and published by the State Council on its website on April 22, set out principle requirements for companies to handle bank card clearing businesses in China and provide relevant services.

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