【财经看点】中国政府决定进一步放开和规范银行卡清算市场

China to open bankcard clearing business Cardholders in China will soon be able to apply for credit cards issued directly from international financial institutions like Mastercard or Visa. According to a statement released by the State Council, qualified domestic and overseas firms can file applications for setting up bankcard clearing institutions in China. But the statement does not provide any further details. The move aims to further open the country's financial sector and stimulate consumption. Visa and Mastercard both welcome the decision, as it gives them access to the 1-trillion-U.S. dollar market. At present, China UnionPay is the only bankcard clearing institution on the mainland. All foreign card companies were previously required to piggyback on UnionPay's network when accepting yuan payments. UnionPay has seen over 3 billion cards in circulation since its founding over a decade ago. US Fed decides to keep low interest rates, end QE The U.S. Federal Reserve has announced an end to its 6-year bond buying program. But at the same time, the Fed says it's going to keep its record-low interest rates unchanged for the time being. The move has been widely expected. The US central bank has been gradually paring down the size of its monthly bond purchases from 85-billion down to 15-billion since December of last year. The stimulus programs, which have been undertaken in three different forms since the start of the global economic downturn in 2008, have fueled a rebound in the US economy. GDP in the US expanded 4.6-percent in the second quarter on the back of strong consumer spending. Unemployment in the US has dipped below 6-percent, and inflation remains in-check. For more on the Fed's decision, CRI's Zhao Yang spoke earlier with Einar Tangen, former Chair of the State of Wisconsin's International Trade Council. … Back anchor: That is Einar Tangen, former Chair of the State of Wisconsin's International Trade Council, speaking with Zhao Yang. China may see the first 7th consecutive drop in oil prices Markets anticipate China may announce another drop in gas and diesel prices this week, marking the 7th consecutive decline in the country, the longest such streak ever. It is also estimated that surcharges for aircraft fuel are also likely to drop, amid the falling of oil prices. This week, crude prices fell below 80 U.S. dollars a barrel, hitting a two-year low, as overproduction in OPEC countries and shale oil exploration in the U.S. are pressuring global oil prices. Study: Outbound investment up 100 fold over decade Stats from a blue book released by the Chinese Academy of Social Science show outbound investment from Chinese companies has exceeded 1 trillion U.S. dollars, surging a hundredfold compared to a decade ago. Over 70-percent of the investments went to Asia last year. But it is also noted a lack of foreign staff may be one of the hurdles standing in the way of localization of said companies. Wang Huiyao is a director at the Center for China and Globalization. "When a transnational company comes to China, it hires Chinese staff. Likewise, when a Chinese company goes out to a foreign country, it should also include more locals among its personnel. As Chinese companies are expanding overseas very fast, they need diversification in their personnel. That is their priority." The book also highlights services, mining, retailing, property and transportation as the five top industries where Chinese companies would like to put their money into. Beijing to Promote Tax Integration with Tianjin, Hebei Beijing and its neibgbouring Tianjin and Hebei have agreed to integrate taxation, a plan that would speed up industrial development and information exchange. The plan, hashed out in a meeting in Hebei, includes the building of an online platform for tax services, optimizing a hotline service and setting fixed standards for taxation. Officials from the three places have been working to establish an integrated and open market for commercial trade and logistics since China restarted the integration initiative in late February.