CHINA has allowed Mastercard’s Chinese joint venture to conduct bank card clearing operations in the country, marking another step forward in the opening-up of the country’s financial market.

“China is one of our most important markets. We are pleased to have reached this milestone with our local partner, NetsUnion Clearing Corp. (NUCC),” said Michael Miebach, CEO of Mastercard, adding that the U.S. firm’s deeper participation in the Chinese market will benefit the country, its consumers and its businesses.

Within six months of receiving its certification, the Mastercard venture will be able to authorize its member institutions in China to conduct the issuance and acceptance of Mastercard cards.

Calling it a landmark event in China’s latest financial market opening-up campaign, Dong Ximiao, chief researcher at Merchants Union Consumer Finance Co., said that the broader opening-up of the country’s bank card clearing market will help domestic players improve services and elevate their risk prevention and control capabilities.

The move demonstrates China’s confidence and resolution to expand its opening-up, said Zeng Gang, director of the Shanghai Institution for Finance and Development.

Allowing more overseas bank card clearing institutions to enter the Chinese market will help build a stable bank card clearing market structure with effective competition, and deepen the supply-side structural reform of the payment industry, Zeng said.

China has been stepping up efforts to promote a high level of financial opening-up, implementing concrete measures such as allowing global investors to invest in China’s capital market through more channels, and scrapping securities, futures and fund ownership caps for foreign institutions.

Following these measures, many global financial institutions have expanded their footprints in China, showing faith in the country’s continued financial opening-up.

On Monday, a meeting of the country’s Central Financial Commission highlighted work to steadily promote the opening-up of the financial sector, as well as its development and growth.

The central bank said China will continue to improve its business environment and better facilitate foreign financial institutions that expand their businesses in the country.

“The People’s Bank of China welcomes U.S. financial institutions to boost their presence in China, share China’s economic development outcomes and contribute to deepening financial cooperation between China and the United States,” the central bank said.

The central bank said that it will promote work on bank card clearing market access in an orderly manner, while improving the regulatory system to balance development and security. (Xinhua)