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online news service focusing on China’s mobile payment industry, said to Securities Daily he
expects the run-up of cashless payments will maintain for three to five years until it takes up as much sha
re of consumption as possible, as consumers incrementally wade farther into cashless payments.
Data from PBOC revealed banking financial institutions in 2018 conducted 220.31 billion deals in non-cash paym
ents involving 3,768.67 trillion yuan, a rise of 36.94 percent and 0.23 percent year-on-year respectively.
In the same period non-banking payment institutions, mainly referring to third-party online payment service providers, had 530.61 b
illion deals, surging 85.05 percent, and the transaction volume was 208.07 trillion yuan, up 45.23 percent fro
m the previous year. Mobile payment platforms Alipay and WeChat Pay occupy over 90 percent of market share.
By the end of 2018, a total of 424 commercial banks and 115 payment institutio
ns were connected to a unified clearing platform set up by the Payment and Clearing Association of China, PBOC said.
ce the efficiency of financing services, shortening the approval time from two to three months to five to seven working days, according to Zhu.
To increase financial support for small and micro firms, the country also vows to strengthen control and su
pervision of counter-cyclical adjustment, urge banks to provide better loan services, and improve the financial service enviro
nment, Zhu added.China should step up the construction of underground gas storage facilities to meet increasing dema
nd during the peak consumption period in winter, according to Zhang Mingsen, former deputy chief engineer of the Beijing Research Institute of Che
ical Industry under the State-owned oil giant China Petroleum and Chemical Corp.
The government should provide fiscal and tax subsidies for the construction of underground gas stor
age facilities and improve the pricing mechanism for natural gas to achieve a more open gas market system, said Zhang in his sug
gestions to the National Committee of the Chinese People’s Political Consultative Conference.
China consumed 280.30 billion cubic meters of natural gas in 2018, u
p 18.1 percent year-on-year, according to the National Development and Reform Commissi
on, the nation’s top economic regulator. The increase is in line with the country’s aim to encourage the use of gas instead of coal to combat air pollution.
Mengniu Dairy Co Ltd, China’s major dairy maker based in Inner Mo
ngolia, said high-end dairy products tailored to local preferences will be a leading future tren
d in China’s dairy industry, to meet the increasingly diversified demand from quality-conscious consumers.
The dairy maker said it has witnessed remarkable growth in sales of its yogurt, low-temperature milk and cheese produ
cts in the past few years. Products with high added value in terms of flavor, nutrition, packaging and convenience are fav
ored by Chinese consumers, spurred by growing incomes and purchasing power, the company found.
For example, the popularity of Tetra Pak’s eight-sided packaging, which is easy to hold, and boxed dairy products that c
an be consumed directly from the pack, show the demand for more convenient products from consumers.