China Links Visa Approval To Direct Outcome Of Trump-Xi Summit

Beijing has linked Visa’s recent permission to operate in China directly to the meeting between Chinese President Xi Jinping and US President Donald Trump.

China made the statement on Thursday after the government approved steps allowing the American bank card payment giant to establish a presence in the country.

Qiu Wenxing, the Deputy Chief of Mission at the Chinese embassy in Washington, said Visa had been granted permission to establish a banking card clearing institution.

“It is a direct outcome of the presidential summit,” Qiu said.

The People’s Bank of China (PBOC) granted Visa administrative approval on Tuesday to make preparations for a locally registered bank card clearing organisation.

The central bank described the approval as a major step in opening up China’s financial sector.

The development followed Xi’s state visit to the United States last month, according to China’s statement.

Visa CEO was among the White House guests at a state dinner honouring the Chinese leader last month.

The Visa CEO also attended Trump’s visit to Beijing in May, according to the source.

The approval concerns preparations for a locally registered organisation and was presented by Beijing as a result of the presidential-level engagement.

China’s description places the Visa decision within the broader financial-sector opening-up associated with the PBOC’s approval.

Source: South China Morning Post