Visa’s China approval a ‘direct outcome’ of Trump-Xi summit, Beijing says

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Visa’s China approval a ‘direct outcome’ of Trump-Xi summit, Beijing says

Visa CEO among White House guests at state dinner honouring Chinese leader last month and also attended Trump’s visit to Beijing in May

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China said on Thursday that the recent government approval allowing American bank card payment giant Visa to operate in the country was the “direct outcome” of Chinese President Xi Jinping’s state visit to the United States last month.

“The Visa card was granted permission to establish a banking card clearing institution,” said Qiu Wenxing, the Deputy Chief of Mission at the Chinese embassy in Washington.

“It is a direct outcome of the presidential summit.”

Visa received administrative approval on Tuesday from the People’s Bank of China (PBOC) to make preparations for a locally registered bank card clearing organisation, a move the central bank described as a major step in opening up the country’s financial sector.

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