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China Speeds Up Construction of Payment System
China is accelerating the construction of a modern payment system which will provide rapid and convenient payment and liquidation facilities to customers.
Dai Xianglong, governor of the People's Bank of China (PBOC), told the Financial Services Conference here Friday that the system now being constructed, made up of a large-sum real-time payment network and a small-sum wholesale payment network, will soon be linked to all commercial banks.
A secure and highly-efficient payment system is of great importance to the country's monetary and financial stability, Dai said, adding that the large-sum payment networks in Beijing and Wuhan will be opened on July 1, 2002.
The system will then be expanded to other cities across the country by June 2003, according to Dai.
Credit Registration SystemChina has set up a credit registration system where information on 81 percent of the country's loans are available.
Dai noted that the system has information on more than 4 million debtors and has been linked together at the provincial level, where financial institutions are able to inquire about the credit history of their debtors.
In addition, the central bank has launched a trial on personal credit records in Shanghai. By the end of last year, a total of 37 million bills were used, involving 3.6 trillion yuan (433 billion US dollars).
Dai said that the system aims to strengthen the management on accounts and prevent debt default. He said, China will link the systems at provincial capital cities together by the end of this year.
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