Integrated settlements for Yangtze River Delta
PAYMENT and settlement integration in the Yangtze River Delta region should be developed based on a unified implementation mechanism and better interconnection of financial infrastructures, a Shanghai deputy said at the 13th National People’s Congress.
Unified implementation should be established to improve the speed of payment and settlement and enhance the efficiency of capital circulation in the region, said Cui Yu, president of the City Commercial Banks Clearing Service Co.
The People’s Bank of China — the country’s central bank — should take the lead in guiding its branches in the Yangtze River Delta and the local financial supervision departments to form a guiding group.
Regional disparities
This group could lead in promoting cross-regional cooperation and coordination among local governments, financial management departments and industry players, and formulate unified policies for the integration of payment and settlement services.
At present, there remain some disparities in payment and settlement services in the region, and an integrated service system with unified standards has not yet been established.
To fill the gap, Cui said qualified clearing institutions headquartered in the Yangtze River Delta should be allowed to form a special verification channel for personal banking accounts, and to provide mutual verification services for account information.
She also called for more applications of innovative technologies such as blockchain in payments and settlements and supply chain finance.
Chinese President Xi Jinping announced at the opening ceremony of the first China International Import Expo in November 2018 that he supported the development of regional integration in the Yangtze River Delta and upgraded it to a national strategy.