On August 27, the 15th China Payment Clearing Forum was held in Beijing's Lize Financial and Business District. The forum was hosted by the China Payment Clearing Association. With the theme of “Jointly Building a Modern Payment System to Help the Development of the Real Economy”, the forum had in-depth exchanges on topics such as payment clearing services to the real economy, the construction of cross-border payment systems, and innovative development of smart payments. At the forum, Lu Lei, member of the Party Committee and Deputy Governor of the People's Bank of China, delivered a speech responding to various hot topics such as cross-border payments, smart payments, and risk prevention and control. Lu Lei explained that in 2025, the People's Bank of China's payment system processed a total of 22.54 billion transactions, amounting to 9493.4 trillion yuan, an increase of 3.2% and 1.6%, respectively, over the previous year. He said that banks, payment institutions, and upstream and downstream institutions in the industry should continuously innovate payment mechanisms, improve service quality and efficiency, and achieve efficient collaboration between payment and clearing operations. Currently, with a focus on speeding up the construction of an efficient and inclusive cross-border payment system, the People's Bank of China is continuing to accelerate the pace of construction of a modern cross-border payment system in China through coordinated infrastructure upgrades, cross-border connectivity, and cultivating diverse ecosystems. In response to smart payments, which are currently receiving much attention, the People's Bank of China continues to step up follow-up research on scientific and technological innovation, especially smart payments, and guides the Payment Clearing Association to formulate and issue the “Self-Regulatory Convention on Smart Payment Applications”. He also proposed that all market institutions should respond positively to and implement industry self-regulatory conventions, continue to follow and study cutting-edge technology trends such as large models and smart devices at home and abroad, make good technical reserves and application capacity building, and stick to rules and standards first.
Zhitongcaijing · 1d ago
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On August 27, the 15th China Payment Clearing Forum was held in Beijing's Lize Financial and Business District. The forum was hosted by the China Payment Clearing Association. With the theme of “Jointly Building a Modern Payment System to Help the Development of the Real Economy”, the forum had in-depth exchanges on topics such as payment clearing services to the real economy, the construction of cross-border payment systems, and innovative development of smart payments. At the forum, Lu Lei, member of the Party Committee and Deputy Governor of the People's Bank of China, delivered a speech responding to various hot topics such as cross-border payments, smart payments, and risk prevention and control. Lu Lei explained that in 2025, the People's Bank of China's payment system processed a total of 22.54 billion transactions, amounting to 9493.4 trillion yuan, an increase of 3.2% and 1.6%, respectively, over the previous year. He said that banks, payment institutions, and upstream and downstream institutions in the industry should continuously innovate payment mechanisms, improve service quality and efficiency, and achieve efficient collaboration between payment and clearing operations. Currently, with a focus on speeding up the construction of an efficient and inclusive cross-border payment system, the People's Bank of China is continuing to accelerate the pace of construction of a modern cross-border payment system in China through coordinated infrastructure upgrades, cross-border connectivity, and cultivating diverse ecosystems. In response to smart payments, which are currently receiving much attention, the People's Bank of China continues to step up follow-up research on scientific and technological innovation, especially smart payments, and guides the Payment Clearing Association to formulate and issue the “Self-Regulatory Convention on Smart Payment Applications”. He also proposed that all market institutions should respond positively to and implement industry self-regulatory conventions, continue to follow and study cutting-edge technology trends such as large models and smart devices at home and abroad, make good technical reserves and application capacity building, and stick to rules and standards first.
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