The payment system in China

Article


He, Ling Ling and Sappideen, Razeen. 2008. "The payment system in China." Journal of International Banking Law and Regulation. 23 (3), pp. 168-174.
Article Title

The payment system in China

ERA Journal ID41876
Article CategoryArticle
AuthorsHe, Ling Ling (Author) and Sappideen, Razeen (Author)
Journal TitleJournal of International Banking Law and Regulation
Journal Citation23 (3), pp. 168-174
Number of Pages7
Year2008
Place of PublicationLondon, United Kingdom
ISSN0267-937X
1742-6812
Web Address (URL)http://ssrn.com/abstract=1457571
Abstract

China's banking system has undergone significant changes in the last two decades: banks are now functioning more like banks in developed Western economies than before. Since 1979, China's previous mono-bank system has been transformed into a two-tier banking system, consisting of the People's Bank of China (PBC) as the central bank and many other providers of financial services such as the four major state-owned commercial banks, public-owned commercial banks, co-operative banks, policy banks and branches and representative offices of foreign banks. Nevertheless, China's banking industry has remained in the Government's hands even though banks have gained more autonomy. China's accession to WTO will lead to a significant opening of this industry to foreign participation. To complement the establishment of the two-tier banking system, payment systems in China have changed from an accounting mechanism for keeping a record of centrally planned economic activities into a payment system suitable to a market-oriented economy.1 Evolution of China's payment systems has been influenced by the environmental and cultural factors as well as the difficulties imposed by the country's size, economic conditions and infrastructure, etc. This article starts with the role of the central bank of China, and puts focus on the main structure of China's payment system to demonstrate the advantages and disadvantages of each sub-system. It also reviews the credit card system of China. In the end, it examines the key issues in relation to the operation of the payment system and also illustrates some possible suggestions in relation to the improvement of China's payment system.

Keywordsbanking; finance; credit cards; payment systems; China
ANZSRC Field of Research 2020350204. Financial institutions (incl. banking)
380110. International economics
350102. Auditing and accountability
Public Notes

(c) 2008 Sweet & Maxwell Limited and Contributors. Permanent restricted access to published version in accordance with the copyright policy of the publisher.

Byline AffiliationsUniversity of Western Sydney
Institution of OriginUniversity of Southern Queensland
Permalink -

https://research.usq.edu.au/item/q2q13/the-payment-system-in-china

  • 1883
    total views
  • 6
    total downloads
  • 1
    views this month
  • 0
    downloads this month

Export as

Related outputs

Chinese state-owned enterprises and foreign investment regulation in Australia
He, Ling Ling. 2018. "Chinese state-owned enterprises and foreign investment regulation in Australia." Australian Business Law Review. 46 (5), pp. 272-290.
International regulation of investment by state-owned enterprises: a comparative perspective
He, Ling Ling. 2018. "International regulation of investment by state-owned enterprises: a comparative perspective." Journal of Comparative Law. 13 (2), pp. 189-216.
Protecting your brand: intellectual property for value added exports
Nugent, Timothy, Woodhead, Alice and He, Ling Ling. 2016. Protecting your brand: intellectual property for value added exports. Toowoomba, Australia. Unpublished.
Protecting food brands in China
He, Ling Ling, Woodhead, Alice and Nugent, Timothy. 2016. Protecting food brands in China. Toowoomba, Australia. Unpublished.
The Trans-Pacific Partnership: a quest for a twenty-first century trade agreement (English-Chinese translation)
Zhao, Xiaobo and He, Ling Ling. Lim, C. L., Elms, Deborah K. and Low, Patrick (ed.) 2016. The Trans-Pacific Partnership: a quest for a twenty-first century trade agreement (English-Chinese translation). China. Cambridge University Press.
Reassessing the Australia-China Free Trade Agreement negotiation process
He, Ling Ling. 2015. "Reassessing the Australia-China Free Trade Agreement negotiation process." Frontiers of Law in China. 10 (4), pp. 714-731. https://doi.org/10.3868/s050-004-015-0039-1
Dispute resolution in investment treaties: balancing the rights of investors and host states
Sappideen, Razeen and He, Ling Ling. 2015. "Dispute resolution in investment treaties: balancing the rights of investors and host states." Journal of World Trade. 49 (1), pp. 85-116.
In the shadow of the Australia-China Free Trade agreement negotiation: obstacles and suggestions
He, Ling Ling. 2010. "In the shadow of the Australia-China Free Trade agreement negotiation: obstacles and suggestions." 2nd Biennial Global Conference of the Society of International Economic Law (SIEL 2010). Barcelona, Spain 08 - 10 Jul 2010 London, United Kingdom. https://doi.org/10.2139/ssrn.1632471
Investor-state arbitration : the changing landscape
He, Ling Ling. 2012. "Investor-state arbitration : the changing landscape." 2012 Australian and New Zealand Society of International Law and Asian Society of International Law Joint Conference on International law and Justice. Sydney, Australia 25 - 26 Oct 2012 Canberra, Australia.
Some reflections on the Australia-China Free Trade Agreement negotiation process
He, Ling Ling. 2012. "Some reflections on the Australia-China Free Trade Agreement negotiation process." Bell, Felicity, McKay, Carolyn, Orchiston, Tashina, Sapienza, Amanda, Steele, Linda and Walsh, Greg (ed.) Sydney Law School 2012 Postgraduate Conference: Crossing Boundaries. Sydney, Austalia 01 - 02 Nov 2012 Sydney, Australia.
Mapping anti-dumping disputes from 1995 to 2011: the changing pattern
He, Ling Ling and Sappideen, Razeen. 2012. "Mapping anti-dumping disputes from 1995 to 2011: the changing pattern." Journal of World Investment and Trade. 13 (1), pp. 125-143. https://doi.org/10.1163/221190012X621562
Overseas trade law: observations on the Australia-China Free Trade Agreement negotiation process
Sappideen, Razeen and He, Ling Ling. 2010. "Overseas trade law: observations on the Australia-China Free Trade Agreement negotiation process." Australian Business Law Review. 38 (4), pp. 257-264.
On eliminating non-tariff barriers in a time of worldwide economic crisis: China's role
Sappideen, Razeen and He, Ling Ling. 2010. "On eliminating non-tariff barriers in a time of worldwide economic crisis: China's role." Macquarie Journal of Business Law. 7, pp. 32-52.
Dispute settlement under free trade agreements: the proposed Australia-China free trade agreement
Sappideen, Razeen and He, Ling Ling. 2011. "Dispute settlement under free trade agreements: the proposed Australia-China free trade agreement." Journal of World Investment and Trade. 12 (4), pp. 581-602.
China's WTO participation in anti-dumping disputes (2001-2011)
He, Ling Ling. 2012. "China's WTO participation in anti-dumping disputes (2001-2011)." Frontiers of Law in China. 7 (4), pp. 616-643. https://doi.org/10.3868/s050-001-012-0029-2
Investor-state arbitration: the roadmap from the multilateral agreement on investment to the trans-Pacific partnership agreement
Sappideen, Razeen and He, Ling Ling. 2012. "Investor-state arbitration: the roadmap from the multilateral agreement on investment to the trans-Pacific partnership agreement." Federal Law Review. 40 (2), pp. 207-227.
Reflections on China's WTO accession commitments and their observance
He, Ling Ling and Sappideen, Razeen. 2009. "Reflections on China's WTO accession commitments and their observance." Journal of World Trade. 43 (4), pp. 847-871.
Investor-state arbitration under bilateral trade and investment agreements: finding rhythm in inconsistent drumbeats
He, Ling Ling and Sappideen, Razeen. 2013. "Investor-state arbitration under bilateral trade and investment agreements: finding rhythm in inconsistent drumbeats." Journal of World Trade. 47 (1), pp. 215-242.
On re-invigorating the Australia-China Free Trade Agreement negotiation process
He, Ling Ling. 2013. "On re-invigorating the Australia-China Free Trade Agreement negotiation process." Journal of World Investment and Trade. 14 (4), pp. 672-696. https://doi.org/10.1163/22119000-01404004
Dumping and anti-dumping measures
Sappideen, Razeen and He, Ling Ling. 2013. "Dumping and anti-dumping measures." Carr, Indira, Alam, Shawkat and Hossain Bhuiyan, Md Jahid (ed.) International trade law and the WTO. Sydney, Australia. Federation Press. pp. 166-206
Free trade agreements and the US-China-Australia relationship in the Asia-Pacific region
He, Ling Ling and Sappideen, Razeen. 2013. "Free trade agreements and the US-China-Australia relationship in the Asia-Pacific region." Asia Pacific Law Review. 21 (1), pp. 55-76.