The Impact of Internet Version of Online Union-Pay Mode on the Development of E-commerce in Regions of the Belt and Road Initiative
WANG Juan-juan and SUN Wei-wei
（LanZhou University of Finance and Economics，Lanzhou，Gansu730020，China）
Abstract：In post financial crisis period，e-commerce has become an important engine of regional economy development in Belt and Road Initiative. With the rapid expansion of the scale of e-commerce，cash flow has formed a monopoly pattern in the field of third-party payment and dissociated from bank union’s regulation by direct connection and reverse connection. This is not only unfavorable to establishing the macroeconomic policy but also to building modern economy system in the New Era. Then， Online Union-Pay，which supervises third-party payment and normalizes the Internet financial development，comes into being. As China's third-party payment carries a large amount of cash flow business in e-commerce filed of the Belt and Road Initiative， the Online Union-Pay mode will have a significant impact on e-commerce in regions of the Belt and Road Initiative inevitably. In short- term，Online Union- Pay，which intervenes in the network economy by using the mandatory means，will make some ecommerce operators with limited development capacities to ignore some region of the Belt and Road Initiative，and delay the introduction of the market's undefined product to the e-commerce platform. However，in long-term，in order to find the correct position in the world's e-commerce structure and keep sustainable development，Online Union-Pay mode will pull e-commerce in regions of the Belt and Road Initiative to speed up the elaborate division of labor and take the initiative to apply new technologies and form development with its own characteristics. To reduce losses caused and got long-term benefits by UnionPay，e-commerce in regions of the Belt and Road Initiative needs to make the development plan in the era of Online Union-Pay. So government should submit forward-looking program and safeguarding measures，and clarify the risks of sharing development. Countries along the Belt and Road should strengthen interconnectivity and ensure the efficiently interconnection of subsystems， so that e- commerce in regions of the Belt and Road Initiative can truly integrate into the wave of specialized and divisionoriented global e-commerce.
Key words：online union-pay；the Belt and Road Initiative；e-commerce；bank union；internet finance