More than 50 years ago, a group of restaurants and frequent diners in New York City came up with an alternative payment system based on an account and a card. Today, that magnetic-striped card is a globally accepted standard model for payments.
A few years ago, two large companies in China came up with an alternative payment system based on QR codes, smart phones, and accounts that don’t require banks. Is this the next revolution in payments or simply an alternative system for an alternative mode?
On June 17, Aaron Klein, fellow in Economic Studies, released a new report detailing how China’s payment system works, what it means, and what lessons the United States can take away. After the presentation, a panel of experts discussed China’s new payment system.
Visiting Fellow - Peterson Institute for International Economics
Senior Manager - Royal Caribbean Cruises, Ltd
Director - Institute of Digital Finance, Peking University
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With the downward trajectory in [U.S.-China] relations, the incoming ambassador ideally will need to have a visible connection to the president and his senior advisers, familiarity with the range of issues that comprise the relationship, and a future in American politics. The more the ambassador is seen as likely to wield influence in the future on issues affecting China, the higher the cost and risk for Beijing to mistreat him/her.