Financial Policies Supporting Expanded Consumption
In June 2025, China's central bank and five other government agencies jointly issued the Guidelines on Financial Support for Stimulating and Expanding Consumption, emphasizing "continuous optimization of payment services" to improve financial accessibility. This initiative strengthens民生foundations while activating消费potential.
Experts interviewed by China Economic Times highlighted that better payment solutions from financial institutions will significantly boost consumption. Key priorities include:
- Preserving consumers' freedom to choose payment methods
- Accelerating age-friendly and international payment upgrades
- Implementing科学的digital RMB advancement plans
Seamless Integration of Diverse Payment Methods
Recent developments showcase payment innovations in action:
- Foreign tourists in Shanghai now enjoy instant tax refunds via Alipay's "touch-to-pay" feature
- Digital RMB hard wallets allow subway access through contactless terminals since June 28
- Enhanced compatibility among cash, cards, mobile支付, and digital currencies
Industry Insights:
"Different demographics have distinct preferences," notes Zong Liang, former首席researcher at Bank of China Institute. "While youth favor mobile支付, seniors may prefer cash, and international visitors often use cards. The guidelines address these varied needs across critical消费scenarios."
Professor Dong Qingma from SWUFE adds: "Achieving full payment interoperability requires breaking technical barriers through unified standards and widespread adoption of聚合payment terminals."
Age-Friendly and Cross-Border Payment Solutions
The guidelines specifically target:
- Elderly-accessible支付systems
- Improved foreign card acceptance
- Credit card scenario integration
Case Example:
68-year-old Aunt Li shares: "I alternate between WeChat Pay and cash—sometimes my reading glasses aren't handy. Haven't tried digital RMB yet as existing methods work fine."
Implementation Strategies:
- Establish neighborhood "change purse" exchange services
- Develop社区-hospital闪付terminals with senior-friendly interfaces
- Enable family-linked医保account绑定for elderly security
- Expand multi-currency信用卡with no conversion fees
Current challenges for international users include:
- Limited acceptance of Visa/Mastercard at中小merchants
- Low adoption of facial recognition/数字RMB "touch" payments
- Lack of multilingual guidance systems
👉 Discover seamless cross-border payment solutions
Digital RMB: Measured Advancement Needed
Pilot programs since 2019 have achieved:
- Full消费venue coverage in Shanghai/Suzhou/Shenzhen
- Magnetic levitation line trials combining bank cards/digital RMB wallets
User Perspectives:
Beijing resident Liu Xing remarks: "I use digital RMB for discounted food deliveries—otherwise prefer credit card-linked Alipay for its deferred还款convenience."
Expert Recommendations:
- Balance innovation with user habit formation
- Prioritize simplicity and privacy-protective designs
- Develop internationally competitive features gradually
"Digital RMB development requires科学phasing," emphasizes Zong Liang. "The focus should be technological innovation meeting real needs, not rushed implementation."
FAQ Section
Q: How does contactless payment benefit seniors?
A: Simplified interfaces, physical card alternatives, and community-embedded terminals address vision/mobility challenges.
Q: What makes digital RMB different from mobile支付?
A: It's legal tender with offline capability, but currently lacks the credit/debit card integration of established platforms.
Q: Which areas have best foreign card acceptance?
A: Major urban商业districts and tourist hubs, though rural/中小merchant coverage remains limited.
Q: Can tourists easily obtain digital RMB wallets?
A: Yes—designated terminals at airports/subway stations allow quick hard wallet issuance and充值.
Q: Are there transaction limits for contactless payments?
A: Varies by bank/payment provider, but generally higher limits for authenticated users.