The People's Bank of China published remarks by Deputy Governor Lu Lei at the 14th China Payment and Clearing Forum, setting out a continued push to improve payment interoperability, with a focus on cross-border connectivity and QR code payments. Lu highlighted recent milestones including interoperability between mainland China and Hong Kong fast payment systems in June and the end-July trial launch of a unified cross-border QR code gateway. The gateway is positioned as a public, inclusive and broadly accessible arrangement that allows eligible market institutions to connect and offer cross-border QR code payment services. The central bank plans to guide industry participants to further advance cross-border payment interconnection, expand globally connected funding channels, and build a more open, secure and efficient domestic QR code payment network, while encouraging a diversified and competitively healthy market through industry self-regulation and market-based approaches. He also called for faster technology innovation and higher payment digitalisation, alongside maintaining security baselines and ensuring innovation progresses within a compliant framework.

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