China to open bank card clearing businesses to foreign firms

April 22, 2015 5:09 AM

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BEIJING, April 22 (Reuters) - China will allow foreign firms to apply for licenses to establish bank card clearing businesses starting from June 1, the State Council said in a statement on its website on Wednesday.

China said in October last year that it would open its credit card market to foreign players following a World Trade Organization ruling in 2012 that it discriminated against U.S. card firms.

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