{
  "id": 14224943,
  "title": "‘The timing is notable’: China lets Visa start preparing to clear bank card payments, weeks before a third Xi-Trump meeting",
  "url": "https://urgent.news/2026/10/13/the-timing-is-notable-china-lets-visa-start-preparing-to-clear-bank",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T14:16:54.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/13/china-visa-bank-clearing-xi-trump-meeting/"
  },
  "original_language": "en",
  "account": "Visa, the U.S. payments giant, received approval on Tuesday to prepare for setting up a bank card clearing business in China, a move that could enable the company to compete in the country’s vast payments market. The approval, seen as a significant step forward for Visa's commitment to China, comes weeks before a third meeting between President Donald Trump and Chinese leader Xi Jinping in Shenzhen, a city in southern China. Visa CEO Ryan McInerney expressed gratitude for the role of U.S. and Chinese leaders in fostering a constructive and strategically stable relationship between the world's largest economies. China's official news agency, Xinhua, stated that Visa must complete preparatory work within one year before it can apply to commence its domestic bank card clearing business operations in China. Mastercard and American Express have already begun domestic clearing in China under joint ventures. The timing of this approval is notable, according to George Chen, partner and chair of digital practice at The Asia Group. Chen suggests that Beijing may be showing goodwill towards the United States in preparation for the upcoming November meeting in Shenzhen, which would be the third in-person meeting between Trump and Xi this year. Chen sees the move as a positive sign of China's willingness to expand opportunities for foreign companies, particularly in financial services, a priority for Washington.",
  "summary": "Trump said he mentioned access for Visa during his Beijing trip, and access for U.S. financial services to China has long been a Washington priority",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}