The People's Bank of China said the China Payment and Clearing Association held its fifth members' congress and the first meetings of its fifth board and supervisory board, approving related motions and electing the new board, supervisory board, standing directors, president, chair of supervisors, vice presidents and secretary general. At the meeting, Deputy Governor Lu Lei used the leadership transition to set priorities for the next term, focusing on stronger self-regulation, better member services and tighter management of cross-border QR code gateway operations. Lu said the association has played an important role in payment interconnection, payment facilitation for overseas visitors to China, payment risk governance and protection of payment consumers' rights and interests. In light of changes in global economic and financial governance and the rapid development of artificial intelligence, he called on the new board to strengthen party building, improve self-regulatory mechanisms, regulate members' competitive conduct and maintain industry order.
Central Bank of the Republic of China 2026-04-30
People's Bank of China outlines self regulation and cross border QR code priorities as China Payment and Clearing Association elects fifth term leadership
The People's Bank of China announced that the China Payment and Clearing Association held its fifth members' congress and elected a new board, supervisory board and senior leadership. Deputy Governor Lu Lei set priorities for the new term, calling for stronger self-regulation, enhanced member services, tighter oversight of cross-border QR code gateway operations and improved governance to regulate competition and maintain industry order amid evolving global financial conditions and AI developments.