Visa’s China approval a ‘direct outcome’ of Trump-Xi summit, Beijing says
China said on Thursday that the recent government approval allowing American bank card payment giant Visa to operate in the country was the “direct outcome” of Chinese President Xi Jinping’s state visit to the United States last month. “The Visa card was granted permission to establish a banking card clearing institution,” said Qiu Wenxing, the Deputy Chief of Mission at the Chinese embassy in…
The Chinese government has announced the approval of Visa to operate in the country, attributing it directly to the state visit of Chinese President Xi Jinping to the United States last month. According to Qiu Wenxing, the Deputy Chief of Mission at the Chinese embassy in Washington, the Visa card was granted permission to establish a banking card clearing institution, marking a significant step in opening up China's financial sector.
Visa received administrative approval from the People's Bank of China (PBOC) on Tuesday, allowing it one year to prepare for its operations, after which it may apply to begin operations. Unlike its competitors, Visa plans to operate through a wholly foreign-owned enterprise.
Brief written by urgent.news from South China Morning Post's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
