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As more foreigners choose to live and work in China, many have faced challenges such as opening bank accounts, applying for loans, purchasing insurance, or simply making mobile payments. In 2024, China implemented a series of measures to help foreigners better integrate into its financial market, improving the accessibility and convenience of financial services. CGTN reporter Guo Meiping’s digital avatar explains.
To address these issues, the People’s Bank of China launched several initiatives aimed at enhancing financial convenience for foreigners. In March, the bank released a bilingual “Payment Guide for Foreigners” in Chinese and English, which provides clear instructions on how foreigners can use mobile payments, bank cards and cash within the country.
This guide was later expanded into eight languages in May, including English, French, German, Spanish, Japanese and Russian, helping a broader international audience navigate China’s financial systems.
Beijing has taken the lead in improving financial services for foreigners, introducing the “Financial Growth with Me (Foreigners’ Edition)” series in September. This initiative offers comprehensive financial education in both Chinese and English, covering everything from basic payment methods to more advanced services like investments and insurance. The goal is to make it easier for foreigners to understand and access China’s financial market, regardless of their background.
Additionally, China’s financial infrastructure has been upgraded to better serve foreigners. Over 67,000 banking outlets and 4,200 foreign currency exchange points are now available across the country, alongside 300,000 ATMs that facilitate foreign currency exchange.
While some barriers remain, these developments mark a significant step forward.
(This video contains content generated by AI)
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