China allows foreigners to enter $27 trn payments market

Chinese residents are increasingly fond of shopping on overseas e-commerce platforms, which tend to prefer local payment companies

China will permit foreign companies to access its $27 trillion payments market, further opening up the world’s second-largest economy.

Foreign players can start applying for payment licenses and will be treated the same as local firms, the People’s Bank of China said in a statement on Wednesday. Applicants must set up local units, establish payment infrastructure -- including disaster recovery systems — and store client information domestically, the central bank said.

Premier Li Keqiang on Tuesday promised to protect the intellectual property of foreigners investing in its economy, as China seeks to avoid a trade war with the U.S. Any entrants to