{
 "jurisdiction_id": "CN",
 "jurisdiction": "China (mainland)",
 "url": "https://payments.gi/jurisdictions/china-mainland/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 74,
  "source_register": 146
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w1a-licensing-authorisation-market-access",
   "standing_position": "China's payments regime rests on the State Council's Regulations on Supervision and Administration of Non-Bank Payment Institutions (effective 2024-05-01), PBOC implementing rules, and an 8-regulator Financial Product Online Marketing Management Rules package (issued 2026-04-24, effective 2026-09-30) barring non-bank payment institutions from bundling loan/asset-management marketing into payment options.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "State Council administrative regulation",
     "source": "http://policy.mofcom.gov.cn/claw/policyInfo.shtml?id=6068 (PBOC/Ministry of Justice Q&A on the Regulation)",
     "source_url": "http://policy.mofcom.gov.cn/claw/policyInfo.shtml?id=6068",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "PBOC implementing rules",
     "source": "https://jrj.sh.gov.cn/YWTBZCCX166/20241107/dbda9fc0c0ad4661a99e43365f43b800.html (PBOC Order [2024] No.4, Implementation Rules)",
     "source_url": "https://jrj.sh.gov.cn/YWTBZCCX166/20241107/dbda9fc0c0ad4661a99e43365f43b800.html",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "legal commentary",
     "source": "https://www.lexology.com/library/detail.aspx?g=fc8d0a84-7167-416b-a5ca-5a982a96cc83 (New Regulations on Non-Bank Payment Institutions)",
     "source_url": "https://www.caixinglobal.com/2026-01-20/china-fines-yinsheng-23-million-as-crackdown-deepens-on-payment-sector-102405612.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "legal commentary",
     "source": "https://www.lexology.com/library/detail.aspx?g=139fce86-8b4f-4992-ac54-07ee6876a461 (PBOC Drafts New Payment Service Rules)",
     "source_url": "https://www.caixinglobal.com/2026-01-20/china-fines-yinsheng-23-million-as-crackdown-deepens-on-payment-sector-102405612.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "market data",
     "source": "https://www.caixinglobal.com/2026-01-20/china-fines-yinsheng-23-million-as-crackdown-deepens-on-payment-sector-102405612.html",
     "source_url": "https://www.caixinglobal.com/2026-01-20/china-fines-yinsheng-23-million-as-crackdown-deepens-on-payment-sector-102405612.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "legal commentary",
     "source": "https://www.dahuilawyers.com/media/documents/DH_Legal_500_Guide_2024.pdf (Legal 500 China Country Guide)",
     "source_url": "https://www.caixinglobal.com/2026-01-20/china-fines-yinsheng-23-million-as-crackdown-deepens-on-payment-sector-102405612.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Safeguarding rests on mandatory 100% centralised deposit of customer reserve funds with PBOC/designated banks, cleared via NetsUnion (NUCC); conduct duties codified in the 2024 Implementation Rules; draft antitrust regime remains unresolved.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "safeguarding regime",
     "source": "https://www.ibanet.org/article/5D63B47D-B8C6-47E9-92ED-D32EEDEB00F8 (IBA China Working Group)",
     "source_url": "https://www.ibanet.org/article/5D63B47D-B8C6-47E9-92ED-D32EEDEB00F8",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "State Council regulation",
     "source": "https://www.moj.gov.cn/pub/sfbgw/zcjd/202312/t20231215_491722.html (PBOC Q&A on the Regulation)",
     "source_url": "https://www.yicaiglobal.com/news/pboc-fines-alipay-for-breaching-forex-rules",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "biometric payment standard",
     "source": "https://www.mordorintelligence.com/industry-reports/china-payments-market",
     "source_url": "https://www.yicaiglobal.com/news/pboc-fines-alipay-for-breaching-forex-rules",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "draft antitrust rules",
     "source": "https://hksar.org/alipay-and-wechat-pay-s-monopoly-status-remains-unclear-in-new-regulation",
     "source_url": "https://www.yicaiglobal.com/news/pboc-fines-alipay-for-breaching-forex-rules",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "enforcement record",
     "source": "https://www.yicaiglobal.com/news/pboc-fines-alipay-for-breaching-forex-rules",
     "source_url": "https://www.yicaiglobal.com/news/pboc-fines-alipay-for-breaching-forex-rules",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w2-stablecoins-digital-money",
   "standing_position": "PBOC's e-CNY transitions from 1 January 2026 into an interest-bearing 'digital deposit currency'; mainland China maintains a strict ban on crypto trading/private stablecoins while Hong Kong's Stablecoins Ordinance operates as an offshore sandbox that Beijing has partially restrained.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "CBDC management framework",
     "source": "https://english.www.gov.cn/news/202512/29/content_WS69526d4ec6d00ca5f9a08511.html (PBOC digital yuan action plan)",
     "source_url": "https://english.www.gov.cn/news/202512/29/content_WS69526d4ec6d00ca5f9a08511.html",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "CBDC deposit-interest policy",
     "source": "https://www.theblock.co/post/383824/china-interest-digital-yuan",
     "source_url": "https://eastasiaforum.org/2025/12/13/beijing-blocks-stablecoins-to-keep-money-under-state-control/",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "CBDC infrastructure",
     "source": "https://www.atlanticcouncil.org/blogs/econographics/what-to-watch-as-china-prepares-its-digital-yuan-for-prime-time/",
     "source_url": "https://www.cnbc.com/2026/02/11/hong-kong-stablecoin-licenses-china-crypto-ban-usdt-usdc-cny-cnh-rmb-usd-fiat-currency.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "regulatory posture / stablecoin",
     "source": "https://www.cnbc.com/2026/02/11/hong-kong-stablecoin-licenses-china-crypto-ban-usdt-usdc-cny-cnh-rmb-usd-fiat-currency.html",
     "source_url": "https://www.cnbc.com/2026/02/11/hong-kong-stablecoin-licenses-china-crypto-ban-usdt-usdc-cny-cnh-rmb-usd-fiat-currency.html",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "stablecoin regime (Hong Kong)",
     "source": "https://blockchaintechnology-news.com/news/china-hong-kong-yuan-stablecoin-testing-morgan-stanley/",
     "source_url": "https://www.cnbc.com/2026/02/11/hong-kong-stablecoin-licenses-china-crypto-ban-usdt-usdc-cny-cnh-rmb-usd-fiat-currency.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "policy analysis",
     "source": "https://eastasiaforum.org/2025/12/13/beijing-blocks-stablecoins-to-keep-money-under-state-control/",
     "source_url": "https://www.cnbc.com/2026/02/11/hong-kong-stablecoin-licenses-china-crypto-ban-usdt-usdc-cny-cnh-rmb-usd-fiat-currency.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Operational resilience sits within China's cyber/data-security stack: amended Cybersecurity Law (in force 1 Jan 2026) tightens CIIO obligations; Network Data Security Regulations and sector-specific financial data-security measures create graded incident-reporting duties for payment institutions.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Cybersecurity Law amendment",
     "source": "https://www.china-briefing.com/news/china-cybersecurity-law-amendment/",
     "source_url": "https://www.china-briefing.com/news/china-cybersecurity-law-amendment/",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Network Data Security Regulations",
     "source": "https://www.hunton.com/privacy-and-information-security-law/tag/china/",
     "source_url": "https://www.lexology.com/library/detail.aspx?g=2e3444c9-aed5-43d6-969e-23dac4b30a37",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "financial data security measure",
     "source": "https://www.twobirds.com/en/insights/2025/china/china-data-protection-and-cybersecurity-annual-review-of-2024-and-outlook-for-2025-(ii)",
     "source_url": "https://www.lexology.com/library/detail.aspx?g=2e3444c9-aed5-43d6-969e-23dac4b30a37",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "cross-border data guidance",
     "source": "https://www.lexology.com/library/detail.aspx?g=2e3444c9-aed5-43d6-969e-23dac4b30a37",
     "source_url": "https://www.lexology.com/library/detail.aspx?g=2e3444c9-aed5-43d6-969e-23dac4b30a37",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "critical infrastructure procurement review",
     "source": "https://en.wikipedia.org/wiki/Cybersecurity_Law_of_the_People's_Republic_of_China",
     "source_url": "https://www.lexology.com/library/detail.aspx?g=2e3444c9-aed5-43d6-969e-23dac4b30a37",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w4-scheme-network-compliance",
   "standing_position": "China UnionPay remains the backbone of card-scheme compliance and PCI SSC Strategic Member; online/QR clearing runs through NUCC; foreign-invested JV clearing licences (Amex, Mastercard) mark marginal market opening.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "card scheme",
     "source": "https://grokipedia.com/page/UnionPay",
     "source_url": "https://www.pcisecuritystandards.org/about_us/press_releases/unionpay-joins-pci-ssc-as-strategic-member/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "security standard membership",
     "source": "https://www.pcisecuritystandards.org/about_us/press_releases/unionpay-joins-pci-ssc-as-strategic-member/",
     "source_url": "https://www.mondaq.com/china/fin-tech/1652524/prc-financial-regulation-annual-report-2024-fintech",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "clearing licence",
     "source": "https://www.mondaq.com/china/fin-tech/1652524/prc-financial-regulation-annual-report-2024-fintech",
     "source_url": "https://www.mondaq.com/china/fin-tech/1652524/prc-financial-regulation-annual-report-2024-fintech",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "network compliance / clearing migration",
     "source": "https://www.ibanet.org/article/5D63B47D-B8C6-47E9-92ED-D32EEDEB00F8",
     "source_url": "https://www.mondaq.com/china/fin-tech/1652524/prc-financial-regulation-annual-report-2024-fintech",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "scheme interoperability",
     "source": "https://www.mordorintelligence.com/industry-reports/china-mobile-payments-market",
     "source_url": "https://www.mondaq.com/china/fin-tech/1652524/prc-financial-regulation-annual-report-2024-fintech",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w5-payment-corridor-dynamics",
   "standing_position": "CIPS remains China's principal cross-border RMB settlement infrastructure, expanding participants (193 direct/1,573 indirect by end-2025) while volume growth slows sharply and RMB SWIFT share stays low (~3%).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "cross-border clearing infrastructure",
     "source": "https://www.chinadaily.com.cn/a/202603/03/WS69a642bea310d6866eb3b485.html",
     "source_url": "https://www.chinadaily.com.cn/a/202603/03/WS69a642bea310d6866eb3b485.html",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "settlement volume data",
     "source": "https://en.wikipedia.org/wiki/Cross-Border_Interbank_Payment_System",
     "source_url": "https://www.fxcintel.com/research/analysis/cips-growth-may-2025",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "corridor benchmark",
     "source": "https://www.fxcintel.com/research/analysis/cips-growth-may-2025",
     "source_url": "https://www.fxcintel.com/research/analysis/cips-growth-may-2025",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "corridor access case",
     "source": "https://www.forbesafrica.com/brand-voice/2025/12/16/how-africas-global-payment-infrastructure-is-entering-a-new-phase",
     "source_url": "https://www.fxcintel.com/research/analysis/cips-growth-may-2025",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "CBDC cross-border corridor",
     "source": "https://www.ainvest.com/news/china-digital-yuan-strategic-shift-deposit-based-currency-implications-global-financial-sovereignty-digital-currency-investment-opportunities-2512/",
     "source_url": "https://www.fxcintel.com/research/analysis/cips-growth-may-2025",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Alipay (~54%) and WeChat Pay/Tenpay (~42%) dominate mobile payments; licensed non-bank payment firm numbers are shrinking amid regulatory tightening; Ant Group has restructured Alipay's business units.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "market share data",
     "source": "https://coinlaw.io/alipay-vs-wechat-pay-statistics/",
     "source_url": "https://coinlaw.io/alipay-vs-wechat-pay-statistics/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "market share data (broader definition)",
     "source": "https://www.yicaiglobal.com/news/china-adds-alipay-tenpay-to-pbocs-anti-money-laundering-watchlist-amid-tightened-oversight",
     "source_url": "https://www.mordorintelligence.com/industry-reports/china-mobile-payments-market",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "industry consolidation data",
     "source": "https://www.caixinglobal.com/2026-01-20/china-fines-yinsheng-23-million-as-crackdown-deepens-on-payment-sector-102405612.html",
     "source_url": "https://www.mordorintelligence.com/industry-reports/china-mobile-payments-market",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "corporate restructuring",
     "source": "https://www.mordorintelligence.com/industry-reports/china-mobile-payments-market",
     "source_url": "https://www.mordorintelligence.com/industry-reports/china-mobile-payments-market",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "product/market development",
     "source": "https://coinlaw.io/alipay-vs-wechat-pay-statistics/",
     "source_url": "https://www.mordorintelligence.com/industry-reports/china-mobile-payments-market",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w7-legal-litigation",
   "standing_position": "PBOC enforcement against payment institutions is active and recurring (AML, forex, illegal-platform facilitation); Alipay/Tenpay placed under HQ-level AML supervision in 2025; 2021 draft antitrust regime remains unresolved.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "enforcement action",
     "source": "https://www.caixinglobal.com/2026-01-20/china-fines-yinsheng-23-million-as-crackdown-deepens-on-payment-sector-102405612.html",
     "source_url": "https://www.caixinglobal.com/2026-01-20/china-fines-yinsheng-23-million-as-crackdown-deepens-on-payment-sector-102405612.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "AML supervision escalation",
     "source": "https://www.caixinglobal.com/2026-01-20/china-fines-yinsheng-23-million-as-crackdown-deepens-on-payment-sector-102405612.html",
     "source_url": "https://www.yicaiglobal.com/news/china-adds-alipay-tenpay-to-pbocs-anti-money-laundering-watchlist-amid-tightened-oversight",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "historical enforcement precedent",
     "source": "https://www.scmp.com/business/companies/article/2158610/alipay-and-three-others-fined-pboc-combined-100-million-yuan",
     "source_url": "https://hksar.org/alipay-and-wechat-pay-s-monopoly-status-remains-unclear-in-new-regulation",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "enforcement action",
     "source": "https://www.yicaiglobal.com/news/pboc-fines-alipay-for-breaching-forex-rules",
     "source_url": "https://hksar.org/alipay-and-wechat-pay-s-monopoly-status-remains-unclear-in-new-regulation",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "unresolved antitrust question",
     "source": "https://hksar.org/alipay-and-wechat-pay-s-monopoly-status-remains-unclear-in-new-regulation",
     "source_url": "https://hksar.org/alipay-and-wechat-pay-s-monopoly-status-remains-unclear-in-new-regulation",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant/bank-card acquiring is folded into the 'payment transaction processing' category; UnionPay-affiliated acquirers and major state banks operate the bulk of infrastructure; risk-control enforcement is active.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "acquiring category consolidation",
     "source": "https://www.lexology.com/library/detail.aspx?g=f2af25e5-9ddf-43a5-910a-44f47b1bb6da",
     "source_url": "https://www.lexology.com/library/detail.aspx?g=f2af25e5-9ddf-43a5-910a-44f47b1bb6da",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "acquiring infrastructure",
     "source": "https://grokipedia.com/page/UnionPay",
     "source_url": "https://www.mordorintelligence.com/industry-reports/china-payments-market",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "risk-control enforcement",
     "source": "https://www.mordorintelligence.com/industry-reports/china-payments-market",
     "source_url": "https://www.mordorintelligence.com/industry-reports/china-payments-market",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "merchant/onboarding enforcement",
     "source": "https://www.caixinglobal.com/2026-01-20/china-fines-yinsheng-23-million-as-crackdown-deepens-on-payment-sector-102405612.html",
     "source_url": "https://www.mordorintelligence.com/industry-reports/china-payments-market",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "foreign acquirer market access",
     "source": "https://www.nuvei.com/posts/what-is-a-merchant-acquirer",
     "source_url": "https://www.mordorintelligence.com/industry-reports/china-payments-market",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w9-product-innovation-market-development",
   "standing_position": "Product innovation centres on e-CNY's interest-bearing transition, PBOC fintech sandboxes across Beijing/Shanghai/Shenzhen/Suzhou, and AI-native products such as Alipay's AI Pay.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "CBDC product innovation",
     "source": "https://www.coindesk.com/coindesk-news/2025/12/29/digital-yuan-holdings-to-earn-interest-under-china-s-new-framework",
     "source_url": "https://www.coindesk.com/coindesk-news/2025/12/29/digital-yuan-holdings-to-earn-interest-under-china-s-new-framework",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "fintech sandbox programme",
     "source": "https://www.iflr.com/article/2fe40w7xfqzegfib5b56o/sponsored/banking-finance-guide-2025-china",
     "source_url": "https://www.iflr.com/article/2fe40w7xfqzegfib5b56o/sponsored/banking-finance-guide-2025-china",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "AI-native payment product",
     "source": "https://coinlaw.io/alipay-vs-wechat-pay-statistics/",
     "source_url": "https://coinlaw.io/alipay-vs-wechat-pay-statistics/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "scheme interoperability product",
     "source": "https://www.mordorintelligence.com/industry-reports/china-mobile-payments-market",
     "source_url": "https://coinlaw.io/alipay-vs-wechat-pay-statistics/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "CBDC institutional development",
     "source": "https://www.atlanticcouncil.org/blogs/econographics/what-to-watch-as-china-prepares-its-digital-yuan-for-prime-time/",
     "source_url": "https://coinlaw.io/alipay-vs-wechat-pay-statistics/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w10-consumer-protection-app-fraud",
   "standing_position": "Consumer/APP-fraud protection anchored in the Anti-Telecom and Online Fraud Law (effective 1 Dec 2022); NFRA consolidates financial-consumer-protection functions post-2023 reform, though gaps remain for non-bank mobile payment users.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary statute",
     "source": "https://www.chinajusticeobserver.com/law/x/anti-telecom-and-online-fraud-law-of-china-20220902",
     "source_url": "https://www.chinajusticeobserver.com/law/x/anti-telecom-and-online-fraud-law-of-china-20220902",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "primary statute",
     "source": "http://en.moj.gov.cn/2023-12/15/c_948363.htm",
     "source_url": "https://www.sciencedirect.com/science/article/abs/pii/S0267364924000748",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "primary statute",
     "source": "https://appinchina.co/government-documents/anti-telecom-and-online-fraud-law-of-the-peoples-republic-of-china/",
     "source_url": "https://www.sciencedirect.com/science/article/abs/pii/S0267364924000748",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "academic legal analysis",
     "source": "https://www.sciencedirect.com/science/article/abs/pii/S0267364924000748",
     "source_url": "https://www.sciencedirect.com/science/article/abs/pii/S0267364924000748",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "consumer-protection enforcement",
     "source": "https://www.mordorintelligence.com/industry-reports/china-payments-market",
     "source_url": "https://www.sciencedirect.com/science/article/abs/pii/S0267364924000748",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w11-aml-cft-financial-crime",
   "standing_position": "China's AML/CFT framework was substantially revised via the AML Law (effective 1 Jan 2025), aligning with FATF standards ahead of the 5th-round mutual evaluation (Nov 2025-Feb 2027); PBOC has escalated direct AML supervision of Alipay and Tenpay.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "FATF assessment gaps",
     "source": "sentinel.https://www.pbc.gov.cn/en/3688241/3688777/3688780/2025080817504219678/index.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "China's AML/CFT regime rests on the 2006 AML Law, PBOC-led inter-ministerial coordination since 2004, and the China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC) FIU. FATF rates China compliant on 9/40 and largely compliant on 22/40 Recommendations, but partially/non-compliant on 9, with weak FIU effectiveness and no public beneficial-ownership registry.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — China (Mainland)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: sourcing-thinness",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: regulatory-failure",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: OFAC wind-down",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-004)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: OFAC — Hengli Petrochemical (Dalian) Refinery Co., Ltd. and shadow-fleet vessels",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-006)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: EU listing",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Gap: enforcement-absence",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: political-constraint",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w12-correspondent-banking-settlement-access",
   "standing_position": "CIPS functions as China's state-directed correspondent-banking and settlement-access infrastructure, majority-influenced by PBOC; access rules have progressively loosened while continued SWIFT reliance shows interoperability rather than displacement.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "settlement infrastructure governance",
     "source": "https://en.wikipedia.org/wiki/Cross-Border_Interbank_Payment_System",
     "source_url": "https://en.wikipedia.org/wiki/Cross-Border_Interbank_Payment_System",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "settlement access reform",
     "source": "https://www.chinadaily.com.cn/a/202603/03/WS69a642bea310d6866eb3b485.html",
     "source_url": "https://www.forbesafrica.com/brand-voice/2025/12/16/how-africas-global-payment-infrastructure-is-entering-a-new-phase",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "correspondent access case",
     "source": "https://www.forbesafrica.com/brand-voice/2025/12/16/how-africas-global-payment-infrastructure-is-entering-a-new-phase",
     "source_url": "https://www.fxcintel.com/research/analysis/cips-growth-may-2025",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "settlement interoperability",
     "source": "https://www.fxcintel.com/research/analysis/cips-growth-may-2025",
     "source_url": "https://www.fxcintel.com/research/analysis/cips-growth-may-2025",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "offshore RMB centre expansion",
     "source": "https://thefintechtimes.com/cips-improves-china-cross-border-functionalities-with-new-partnerships-across-mea-and-asia/",
     "source_url": "https://www.fxcintel.com/research/analysis/cips-growth-may-2025",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/china-mainland/#w13-commercial-intelligence-fintech",
   "standing_position": "Within the trailing 12 months, the most material China-linked commercial events concern Airwallex: two large funding rounds ($8bn Dec 2025, $11bn Jun 2026) and the Paynuri acquisition (Jan 2026), amid growing US political scrutiny of its China ties.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://www.cnbc.com/2026/06/26/airwallex-series-h-funding-11-billion-valuation-ai-finance.html",
     "source_url": "https://www.cnbc.com/2026/06/26/airwallex-series-h-funding-11-billion-valuation-ai-finance.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://en.wikipedia.org/wiki/Airwallex",
     "source_url": "https://en.wikipedia.org/wiki/Airwallex",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://en.wikipedia.org/wiki/Airwallex",
     "source_url": "https://en.wikipedia.org/wiki/Airwallex",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  }
 ]
}