Erenhot Releases Policies to Enhance China-Mongolia Cross-Border Payment Connectivity Upgrade

Deep News
08/08

Recently, the "Eight Measures for the Construction of China-Mongolia Cross-Border Payment Interconnectivity in the Erlianhot Area of the China (Inner Mongolia) Pilot Free Trade Zone" were officially approved and issued by the Erenhot city government. This is a specialized initiative by local authorities focusing on the development of China-Mongolia cross-border payment interconnectivity, providing institutional support for creating a national border port-level pioneering model for cross-border financial reform.

Under the guidance of the Inner Mongolia Branch of the People's Bank of China, the Xilin Gol League Branch of the central bank led the drafting of these measures. Based on the broader construction of the China (Inner Mongolia) Pilot Free Trade Zone Erlianhot Area, the measures align with the spirit of the "Inner Mongolia Free Trade Zone China-Mongolia Cross-Border Mobile Payment Interconnectivity Implementation Plan." They systematically formulate eight actionable measures by considering the current state and actual needs of cross-border payment services in Erenhot, clearly delineating departmental responsibilities.

The eight measures deeply cover the full range of foreign-related consumer spending scenarios, including dining, accommodation, transportation, travel, shopping, entertainment, and medical services. On one hand, they follow the principle of "connecting all available, accommodating all possible" to upgrade existing merchant payment terminals and QR codes, achieving multi-use codes and terminal compatibility to support the acceptance of overseas e-wallets. On the other hand, they encourage the introduction of low-fee support policies to optimize foreign-related payment merchants in business districts, hotels, scenic spots, and medical institutions.

In terms of demonstration construction, Erenhot will create a number of cross-border payment demonstration blocks and benchmark merchants, standardizing the placement of foreign card acceptance signage and conducting regular inspections. Regarding consumption incentives, the city will pilot consumption subsidies for inbound foreign visitors, relying on the "Hello! China" APP to ensure precise distribution of these subsidies. For service guarantees, the city will issue a bilingual Chinese-Mongolian "Mobile Payment Service Guide for Inbound Visitors to Inner Mongolia," build an online integrated cross-border payment service platform, establish a regular government-bank-enterprise consultation mechanism, and carry out continuous, multi-channel promotional efforts to persistently optimize payment service supply in the Free Trade Zone.

The plan clearly defines the work responsibilities of relevant government departments, financial institutions, and payment companies. These units will collaborate on key tasks such as merchant expansion, equipment debugging, personnel training, sign placement, bilingual promotion, demonstration creation, and consumption promotion, comprehensively driving the effective implementation of China-Mongolia cross-border payment interconnectivity.

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