2015-12-28-中国人民银行-中国支付体系发展报告2014（中英文）_246页_6mb

China Payment System Development Report 2014 Summary

1 Key Developments in 2014

• Regulatory Progress: Enhanced legal framework with new rules on payment system participants, bank accounts, and clearing systems.
• Market Growth: Diversification of payment service providers, including increased participation from financial institutions and payment institutions.
• System Operations: Steady growth in payment system transactions, with the second-generation payment system showing significant improvements.
• Non-Cash Payments: Expansion of electronic commercial drafts and growth in mobile payment transactions.
• Rural Services: Continued improvement in rural payment environments and international cooperation in payment systems.

2 Market Infrastructure Advancements

• Centralized Settlement Systems: Continued improvement in bond and securities registration and settlement systems.
• Central Counterparty (CCP) Services: SHCH expanded CCP clearing services for various financial products, enhancing risk management.
• Cross-Border Initiatives: Progress in supporting cross-border RMB payments and developing international cooperation platforms like the Shanghai Clearing House.

3 Non-Cash Payment Trends

• Innovative Tools: Growth in electronic commercial drafts cleared online and increasing adoption of mobile payment technologies.
• International Expansion: Expansion of UnionPay services overseas, supporting cross-border payment needs.

4 Regulatory Measures

• Oversight: Enhanced monitoring of payment institutions, including customer fund management and risk control.
• Policy Alignment: Alignment with international standards through the implementation of principles for financial market infrastructures.