China opens bank-card clearing to foreign investors

BEIJING - China will open the bank-card clearing business to both domestic and foreign investors in an effort to expand the opening up in financial sector and optimize consumption environment.

"All qualified domestic and overseas enterprises can file applications for setting up bank-card clearing institutions in China," according to a statement released after an executive meeting of the State Council on Wednesday presided over by Premier Li Keqiang.

The statement did not give any specifics on investors' qualification, but said that the country must improve management, prevent risks to safeguard the legitimate interests of card users.

At present, China UnionPay is the only bank-card clearing institution in China.

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