China is pressing foreign payment card companies to form local joint ventures for onshore operations, said three people familiar with the matter, a move that would counter a pledge on market access Beijing made to U.S. President Donald Trump. The push to get foreign card issuers to enter into equity tie-ups with Chinese companies, instead of running fully-owned units, comes ahead of Trump's visit to China this week, and could further delay access to China's rapidly-growing market for foreign card companies like MasterCard and Visa. The Trump administration has been a ...
Foreign card companies pressed to form local JVs to operate in China
Trump also called the U.S. trade deficit with China "horrible" ahead of a trip to Asia that started Friday and includes visits to five countries, including China.