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Tourists visit the Xinjiang International Grand Bazaar in Urumqi， capital of northwest China’s Xinjiang Uygur Autonomous Region， on July 5. The market received some 210，000 visits in June.
Legal Environment
The Central Government will improve the legal environment to ensure domestic and foreign companies registered in China enjoy the same treatment， according to an offi cial statement on July 5.
To create a fair legal environment， China will make more regulations and policies that further stimulate market vitality， said the document that followed a State Council executive meeting presided over by Premier Li Keqiang.
The move is expected to promote the healthy growth of private investment and raise the country’s attractiveness to foreign investors.
China will also use more highquality assets to at tract different kinds of investment in new infrastructure and public utilities through public-private partnership.
Government-involved investment funds will be guided to focus on public services， poverty relief and infrastructure projects as well as to enhance support for the Made in China 2025 program.
To get rid of unnecessary constraints for investors， the government will also continue to streamline administration， delegate power to lower levels and improve regulation and services， the statement said.
Poverty Alleviation
Online services are playing a bigger role in reducing poverty in China， according to the State Council Leading Group Offi ce of Poverty Alleviation and Development on July 5.
“We have completed the design of online services for poverty alleviation in conjunction with another 15 government agencies，” said Qu Tianjun， an offi cial with the offi ce.
As Internet Plus becomes a national strategy， the government has targeted poverty alleviation as an important impetus for the development of impoverished areas， Qu said.
He said his offi ce has established an account management system to track poverty reduction programs carried out by 26，500 private companies in 21，000 villages.
It has also provided an online platform， which uses new technologies such as big data to promote Internet-based philanthropy. So far， the platform has 100，000 registered donors connected to 40，000 needy families， the offi cial said.
China plans to expand online services to rural areas， according to a plan released by the Central Government in October 2016. The plan features increased sales of agricultural produce and provision of high-quality education and proposes that an information service for the poor be established by 2020. Bike Standards
A set of industry standards were released on July 5 to regulate bikesharing service providers.
Shanghai and Tianjin have drafted regulations after consultations with both service providers and bicycle manufacturers. The rules will take effect on October 1.
Bike-sharing companies will be required to adhere to standards on production， operation and maintenance of shared bikes.
The regulations specify a service life of three years for all such bikes and require service providers to hire at least one maintenance employee for every 200 bikes.
They also regulate management of deposits， handling of customer complaints and compensation for users.
More than 10 million shared bikes are now on the streets of cities in China， operated by over 30 companies. Mobike and Ofo take up more than 90 percent of the market. According to China E-Commerce Research Center， there were 18.86 million people using shared bikes at the end of 2016， compared with 2.45 million in 2015.
More than 2，600 complaints concerning shared bikes were fi led in Shanghai in the fi rst four months of 2017， nearly nine times more than in the same period in 2016， according to Ning Hai， Deputy Secretary General of Shanghai Consumer Council.
Delayed return of deposits and advance payments， too many bikes on the road and haphazard parking topped the list of complaints.
Shanghai’s regulations stipulate that deposits and advance payments should be returned less than seven days after a request.
Before a bike-sharing operator goes out of business， it should submit a plan to local authorities， notify its users and explain how the money will be returned， the regulations said.
Power Supply
China’s power supply will remain suffi cient for the next three years， according to the Electric Power Planning and Engineering Institute（EPPEI）， a think tank under the stateowned China Energy Engineering Group， on July 5.
EPPEI said China’s power consumption would reach between 6.65 trillion and 6.93 trillion kwh in 2019.
The estimate is based on the country’s power development goals， the level of power exchange between regions and coal-fi red power control plans， EPPEI said in an electricity development report.
Du Zhongming， Vice President of EPPEI， said he expects a signifi cant rebound in power use in high energy consumption industries in 2017， driven by a pick-up in industrial profi ts and improved conditions at traditional manufacturers. But their power use will drop in 2018 and 2019， Du said.
China’s electricity consumption， an important indicator of economic activity， rose 6.4 percent year on year to 2.43 trillion kwh in the fi rst fi ve months of 2017， offi cial fi gures show.
EPPEI expects China to see new hydroelectric-pumped storage plants with installed capacity of 8.7 million kw in the next three years， while the role of the coal power sector will shift from key electricity provider to basic source of power supply.
Meanwhile， most new conventional hydropower projects will be built in Sichuan and Yunnan provinces， and new nuclear power plants will mostly be built in Shandong Province and other southeastern coastal regions， it said.
It also suggested that wind and solar power be promoted in regions with higher power consumption rates—namely， central， eastern and southern areas—and that measures should be taken to keep idle wind and solar power generators operating at an appropriate level.
Learning the Stroke
Children attend a calligraphy class in Xinle， north China’s Hebei Province， on July 5. Many children take such extra classes during the summer vacation.
Floating By
Residents paddle in fl oodwater in Fengkai County in Zhaoqing City， south China’s Guangdong Province， on July 4. The Xijiang River estuary in Zhaoqing witnessed a nine-year record-high fl ood， with the water level reaching about 20 meters above sea level.
Sewage Treatment
China will promote sewage treatment programs in rural areas as an initial step to improve rural waste water control.
Toilet waste accounts for a small portion of rural waste water but makes up the largest share of pollution and is thus the top priority for treatment， Zhao Hui， a senior offi cial with the Ministry of Housing and Urban-Rural Development， said on July 5.
Zhao urged local governments to make use of toilet waste， which can be treated and used as fertilizer for crops.
China chose 100 counties to pilot rural waste water treatment methods in 2015， before promoting the practices nationwide.
The rural waste water treatment level reached 20 percent at the end of 2016， tripling the average annual pace registered during the 2010-15 period.
Drinks Smuggling
Tianjin Customs in north China announced on July 5 that it had cracked a smuggling case involving some 5 million liters of wine， beer and mineral water. It was estimated that the drinks involved were worth nearly 500 million yuan （$73.5 million）. Five suspects have been caught and key evidence seized. The suspects allegedly smuggled the drinks by using fake contracts and invoices.
It was found that the suspects registered several companies in Beijing and Tianjin. The products smuggled were imported from a dozen countries including the United States， Mexico， Britain， France and Russia.
Better Structure
A recently released report by the Organisation for Economic Co-operation and Development（OECD） highlighted the achievements of China’s structural reforms， including the continued growth of per-capita income， narrowed ruralurban inequality and streamlined administrative procedures.
The growth of China’s income per capita remains high， said the OECD Technical Report on Progress on Structural Reform Under the G20 Enhanced Structural Reform Agenda.
GDP growth in the country largely followed developments in labor productivity， with the employment ratio being stable at a relatively high level， said the report， as it measured G20 structural reform performance collectively.
“Inequality， as measured by the Gini Index， decreased since 2007， and the gap between rural and urban populations has narrowed，”said the OECD report.
The report observed a steady rise in total spending on research and development in China since the early 2000s alongside a gradual increase in national education expenses.
Meanwhile， it said barriers to market access in the country have eased signifi cantly， as reforms to simplify administrative procedures in the past couple of years have substantially reduced the burden for new entrants and increased overall effi ciency.
Renewables Boom
A wind power farm in Hami City， Xinjiang Uygur Autonomous Region.
According to statistics from power grid operator State Grid Corp.， by the end of June， the installed capacity of new energy in Hami had exceeded 12 million kilowatts—9.75 million kilowatts of wind power and 2.4 million kilowatts of solar power， accounting for 64.8 percent of the city’s total installed electricity generating capacity.
PMI Data
China’s manufacturing sector expanded for the 11th straight month in June， indicating strength in the world’s second largest economy， offi cial data showed on June 30.
The country’s manufacturing purchasing managers’ index （PMI） came in at 51.7 in the month， up fr om 51.2 in May， said the National Bureau of Statistics （NBS）. A reading above 50 indicates expansion， while a reading below refl ects contraction.
Sub-indices for production and new orders came in at 54.4 and 53.1 respectively， up from 53.4 and 52.3 last month， indicating accelerated growth in both supply and demand， according to NBS senior statistician Zhao Qinghe.
External demand also bounced back， with the sub-index for new export orders standing at 52， well above 50.7 in May.
Equipment and hi-tech manufacturing continued robust growth， with the sub-indices coming in at 53 and 53.6 respectively， suggesting improved industrial structure.
While the overall picture remains positive， some traditional industries including oil processing and coking as well as the nonmetal mineral products industry still faced downward pressure， said Zhao.
Also， over 40 percent of surveyed companies reported tight liquidity for the fourth consecutive month， indicating that fi nancial services should do more to support the real economy， Zhao said.
On the other side of the equation， boosted by a strong service sector， China’s non-manufacturing activity expanded at a faster pace in June， adding to signs of a stabilizing economy.
The non-manufacturing PMI came in at 54.9， up from 54.5 in May， and for the fi rst half of 2017， the subindex averaged 54.6， higher than the 53.4 during the same period last year， NBS data showed.
The service sector， which accounted for more than half of the country’s GDP last year， saw robust growth in June， with the sub-index climbing to 53.8 from 53.5 in the previous month.
Thanks to robust online consumption， the sub-indices for courier services and Internet and software information technology services jumped to 72.2 and 61.8 respectively， well above the boom-bust line of 50.
The sub-index for the construction industry reached 61.4 in June， the highest point of this year， as infrastructure investment kept growing rapidly， Zhao said.
Cotton Yarn Futures
The securities regulator has recently approved the launch of cotton yarn futures on the Zhengzhou Commodity Exchange， according to an offi cial statement.
The cotton yarn futures， together with the cotton futures already trading， will help companies in the industry hedge against risks， the China Securities Regulatory Commission （CSRC） said.
Futures contracts obligate investors to buy or sell the underlying assets at a predetermined price at a specifi ed time， helping them mitigate price volatility risk. Large and frequent fl uctuations in cotton yarn prices have had negative impacts on related industries in the past few years， and the launch of the cotton yarn futures will answer market demand， the CSRC said.
The commencement of trading date will be announced later， it said.
A Crafted Approach
The Nepal booth at the 23rd Lanzhou Investment and Trade Fair in Lanzhou， capital of northwest China’s Gansu Province， on July 6
Gas Deal
Iran and a consortium of Chinese and French energy giants signed a multi-billion-dollar deal in Tehran on July 3 to develop a major Iranian gas fi eld in the Gulf.
The deal followed a memorandum of understanding signed by the National Iranian Oil Co. and a consortium involving China National Petroleum Corp. （CNPC）， France’s Total and Iran’s Petropars in November 2016 to develop Iran’s South Pars （SP11） gas fi eld.
According to Iranian Petroleum Minister Bijan Namdar Zanganeh， the $4.8-billion contract for the development of the gas fi eld will be carried out in two phases in 20 years.
At each stage， $2.4 billion of foreign funding will be allocated for the project， the minister said， adding that Total will operate the SP11 project with a 50.1-percent stake alongside CNPC with 30 percent and Petropars with 19.9 percent.
Iran expects to produce as much as 56 million cubic meters of natural gas per day from the fi eld once it is in full swing， he said.
Shared between Iran and Qatar， the South Pars fi eld is the world’s largest natural gas fi eld.
According to the International Energy Agency， SP11 holds an estimated 51 trillion cubic meters of natural gas and some 50 billion barrels of natural gas condensate.
Wanda Theme Park
One of China’s largest business conglomerates， Wanda Group， has opened its third theme park in Harbin， Heilongjiang Province， in its latest effort to venture into the leisure industry.
Harbin Wanda City， the largest recreation project in the nation’s northeastern region， will include Russian-style theme park facilities， a movie theater and the world’s largest indoor skiing and snowentertainment park spanning 1.5 square km.
The 40-billion-yuan （$5.8 billion） development is Wanda’s latest commitment to the country’s booming leisure industry， which the China National Tourism Administration expects will grow to 10 trillion yuan （$1.47 trillion） in the years to come.
Wanda Chairman Wang Jianlin revealed in May 2016 an ambitious plan to develop as many as 20 Wanda Cities nationwide by 2020. Time-Saver
Workers examine a section of a tunnel on Tianjin’s Subway Line 5 on July 1. The line， connecting the city’s northern and southern parts， is expected to be completed by the end of this year.
Alipay in Spain
Tourists from China will be able to use Alipay’s mobile wallet in Spain thanks to an agreement signed between multinational Spanish banking group BBVA and China’s Ant Financial Services Group， BBVA reported on June 28.
Alipay， operated by Alibaba affi liate Ant Financial Services， is one of the world’s largest online and mobile payment platforms. BBVA， Spain’s second-largest bank， is the fi rst Spanish fi nancial institution to cooperate with Alipay.
The Spanish lender is integrating Alipay into the bank’s Smartpay service， which functions via a mobile phone app， and is also working with Spain’s large stores so that they can accept payments via Alipay as early as possible， the bank said.
“This agreement is a great opportunity to service this growing market of visitors to Spain while allowing Spanish stores to promote sales and special offers directly to Chinese tourists，” said Jose Fernandez da Ponte， head of business development and new ventures at BBVA.
Rita Liu， head of Alipay Europe， Middle East and Africa， said，“Cooperating with BBVA not only allows us to make Chinese tourists’shopping experience in Spain as simple as in China， but also makes it easier for Spanish merchants to do business with Chinese customers.”
Legal Environment
The Central Government will improve the legal environment to ensure domestic and foreign companies registered in China enjoy the same treatment， according to an offi cial statement on July 5.
To create a fair legal environment， China will make more regulations and policies that further stimulate market vitality， said the document that followed a State Council executive meeting presided over by Premier Li Keqiang.
The move is expected to promote the healthy growth of private investment and raise the country’s attractiveness to foreign investors.
China will also use more highquality assets to at tract different kinds of investment in new infrastructure and public utilities through public-private partnership.
Government-involved investment funds will be guided to focus on public services， poverty relief and infrastructure projects as well as to enhance support for the Made in China 2025 program.
To get rid of unnecessary constraints for investors， the government will also continue to streamline administration， delegate power to lower levels and improve regulation and services， the statement said.
Poverty Alleviation
Online services are playing a bigger role in reducing poverty in China， according to the State Council Leading Group Offi ce of Poverty Alleviation and Development on July 5.
“We have completed the design of online services for poverty alleviation in conjunction with another 15 government agencies，” said Qu Tianjun， an offi cial with the offi ce.
As Internet Plus becomes a national strategy， the government has targeted poverty alleviation as an important impetus for the development of impoverished areas， Qu said.
He said his offi ce has established an account management system to track poverty reduction programs carried out by 26，500 private companies in 21，000 villages.
It has also provided an online platform， which uses new technologies such as big data to promote Internet-based philanthropy. So far， the platform has 100，000 registered donors connected to 40，000 needy families， the offi cial said.
China plans to expand online services to rural areas， according to a plan released by the Central Government in October 2016. The plan features increased sales of agricultural produce and provision of high-quality education and proposes that an information service for the poor be established by 2020. Bike Standards
A set of industry standards were released on July 5 to regulate bikesharing service providers.
Shanghai and Tianjin have drafted regulations after consultations with both service providers and bicycle manufacturers. The rules will take effect on October 1.
Bike-sharing companies will be required to adhere to standards on production， operation and maintenance of shared bikes.
The regulations specify a service life of three years for all such bikes and require service providers to hire at least one maintenance employee for every 200 bikes.
They also regulate management of deposits， handling of customer complaints and compensation for users.
More than 10 million shared bikes are now on the streets of cities in China， operated by over 30 companies. Mobike and Ofo take up more than 90 percent of the market. According to China E-Commerce Research Center， there were 18.86 million people using shared bikes at the end of 2016， compared with 2.45 million in 2015.
More than 2，600 complaints concerning shared bikes were fi led in Shanghai in the fi rst four months of 2017， nearly nine times more than in the same period in 2016， according to Ning Hai， Deputy Secretary General of Shanghai Consumer Council.
Delayed return of deposits and advance payments， too many bikes on the road and haphazard parking topped the list of complaints.
Shanghai’s regulations stipulate that deposits and advance payments should be returned less than seven days after a request.
Before a bike-sharing operator goes out of business， it should submit a plan to local authorities， notify its users and explain how the money will be returned， the regulations said.
Power Supply
China’s power supply will remain suffi cient for the next three years， according to the Electric Power Planning and Engineering Institute（EPPEI）， a think tank under the stateowned China Energy Engineering Group， on July 5.
EPPEI said China’s power consumption would reach between 6.65 trillion and 6.93 trillion kwh in 2019.
The estimate is based on the country’s power development goals， the level of power exchange between regions and coal-fi red power control plans， EPPEI said in an electricity development report.
Du Zhongming， Vice President of EPPEI， said he expects a signifi cant rebound in power use in high energy consumption industries in 2017， driven by a pick-up in industrial profi ts and improved conditions at traditional manufacturers. But their power use will drop in 2018 and 2019， Du said.
China’s electricity consumption， an important indicator of economic activity， rose 6.4 percent year on year to 2.43 trillion kwh in the fi rst fi ve months of 2017， offi cial fi gures show.
EPPEI expects China to see new hydroelectric-pumped storage plants with installed capacity of 8.7 million kw in the next three years， while the role of the coal power sector will shift from key electricity provider to basic source of power supply.
Meanwhile， most new conventional hydropower projects will be built in Sichuan and Yunnan provinces， and new nuclear power plants will mostly be built in Shandong Province and other southeastern coastal regions， it said.
It also suggested that wind and solar power be promoted in regions with higher power consumption rates—namely， central， eastern and southern areas—and that measures should be taken to keep idle wind and solar power generators operating at an appropriate level.
Learning the Stroke
Children attend a calligraphy class in Xinle， north China’s Hebei Province， on July 5. Many children take such extra classes during the summer vacation.
Floating By
Residents paddle in fl oodwater in Fengkai County in Zhaoqing City， south China’s Guangdong Province， on July 4. The Xijiang River estuary in Zhaoqing witnessed a nine-year record-high fl ood， with the water level reaching about 20 meters above sea level.
Sewage Treatment
China will promote sewage treatment programs in rural areas as an initial step to improve rural waste water control.
Toilet waste accounts for a small portion of rural waste water but makes up the largest share of pollution and is thus the top priority for treatment， Zhao Hui， a senior offi cial with the Ministry of Housing and Urban-Rural Development， said on July 5.
Zhao urged local governments to make use of toilet waste， which can be treated and used as fertilizer for crops.
China chose 100 counties to pilot rural waste water treatment methods in 2015， before promoting the practices nationwide.
The rural waste water treatment level reached 20 percent at the end of 2016， tripling the average annual pace registered during the 2010-15 period.
Drinks Smuggling
Tianjin Customs in north China announced on July 5 that it had cracked a smuggling case involving some 5 million liters of wine， beer and mineral water. It was estimated that the drinks involved were worth nearly 500 million yuan （$73.5 million）. Five suspects have been caught and key evidence seized. The suspects allegedly smuggled the drinks by using fake contracts and invoices.
It was found that the suspects registered several companies in Beijing and Tianjin. The products smuggled were imported from a dozen countries including the United States， Mexico， Britain， France and Russia.
Better Structure
A recently released report by the Organisation for Economic Co-operation and Development（OECD） highlighted the achievements of China’s structural reforms， including the continued growth of per-capita income， narrowed ruralurban inequality and streamlined administrative procedures.
The growth of China’s income per capita remains high， said the OECD Technical Report on Progress on Structural Reform Under the G20 Enhanced Structural Reform Agenda.
GDP growth in the country largely followed developments in labor productivity， with the employment ratio being stable at a relatively high level， said the report， as it measured G20 structural reform performance collectively.
“Inequality， as measured by the Gini Index， decreased since 2007， and the gap between rural and urban populations has narrowed，”said the OECD report.
The report observed a steady rise in total spending on research and development in China since the early 2000s alongside a gradual increase in national education expenses.
Meanwhile， it said barriers to market access in the country have eased signifi cantly， as reforms to simplify administrative procedures in the past couple of years have substantially reduced the burden for new entrants and increased overall effi ciency.
Renewables Boom
A wind power farm in Hami City， Xinjiang Uygur Autonomous Region.
According to statistics from power grid operator State Grid Corp.， by the end of June， the installed capacity of new energy in Hami had exceeded 12 million kilowatts—9.75 million kilowatts of wind power and 2.4 million kilowatts of solar power， accounting for 64.8 percent of the city’s total installed electricity generating capacity.
PMI Data
China’s manufacturing sector expanded for the 11th straight month in June， indicating strength in the world’s second largest economy， offi cial data showed on June 30.
The country’s manufacturing purchasing managers’ index （PMI） came in at 51.7 in the month， up fr om 51.2 in May， said the National Bureau of Statistics （NBS）. A reading above 50 indicates expansion， while a reading below refl ects contraction.
Sub-indices for production and new orders came in at 54.4 and 53.1 respectively， up from 53.4 and 52.3 last month， indicating accelerated growth in both supply and demand， according to NBS senior statistician Zhao Qinghe.
External demand also bounced back， with the sub-index for new export orders standing at 52， well above 50.7 in May.
Equipment and hi-tech manufacturing continued robust growth， with the sub-indices coming in at 53 and 53.6 respectively， suggesting improved industrial structure.
While the overall picture remains positive， some traditional industries including oil processing and coking as well as the nonmetal mineral products industry still faced downward pressure， said Zhao.
Also， over 40 percent of surveyed companies reported tight liquidity for the fourth consecutive month， indicating that fi nancial services should do more to support the real economy， Zhao said.
On the other side of the equation， boosted by a strong service sector， China’s non-manufacturing activity expanded at a faster pace in June， adding to signs of a stabilizing economy.
The non-manufacturing PMI came in at 54.9， up from 54.5 in May， and for the fi rst half of 2017， the subindex averaged 54.6， higher than the 53.4 during the same period last year， NBS data showed.
The service sector， which accounted for more than half of the country’s GDP last year， saw robust growth in June， with the sub-index climbing to 53.8 from 53.5 in the previous month.
Thanks to robust online consumption， the sub-indices for courier services and Internet and software information technology services jumped to 72.2 and 61.8 respectively， well above the boom-bust line of 50.
The sub-index for the construction industry reached 61.4 in June， the highest point of this year， as infrastructure investment kept growing rapidly， Zhao said.
Cotton Yarn Futures
The securities regulator has recently approved the launch of cotton yarn futures on the Zhengzhou Commodity Exchange， according to an offi cial statement.
The cotton yarn futures， together with the cotton futures already trading， will help companies in the industry hedge against risks， the China Securities Regulatory Commission （CSRC） said.
Futures contracts obligate investors to buy or sell the underlying assets at a predetermined price at a specifi ed time， helping them mitigate price volatility risk. Large and frequent fl uctuations in cotton yarn prices have had negative impacts on related industries in the past few years， and the launch of the cotton yarn futures will answer market demand， the CSRC said.
The commencement of trading date will be announced later， it said.
A Crafted Approach
The Nepal booth at the 23rd Lanzhou Investment and Trade Fair in Lanzhou， capital of northwest China’s Gansu Province， on July 6
Gas Deal
Iran and a consortium of Chinese and French energy giants signed a multi-billion-dollar deal in Tehran on July 3 to develop a major Iranian gas fi eld in the Gulf.
The deal followed a memorandum of understanding signed by the National Iranian Oil Co. and a consortium involving China National Petroleum Corp. （CNPC）， France’s Total and Iran’s Petropars in November 2016 to develop Iran’s South Pars （SP11） gas fi eld.
According to Iranian Petroleum Minister Bijan Namdar Zanganeh， the $4.8-billion contract for the development of the gas fi eld will be carried out in two phases in 20 years.
At each stage， $2.4 billion of foreign funding will be allocated for the project， the minister said， adding that Total will operate the SP11 project with a 50.1-percent stake alongside CNPC with 30 percent and Petropars with 19.9 percent.
Iran expects to produce as much as 56 million cubic meters of natural gas per day from the fi eld once it is in full swing， he said.
Shared between Iran and Qatar， the South Pars fi eld is the world’s largest natural gas fi eld.
According to the International Energy Agency， SP11 holds an estimated 51 trillion cubic meters of natural gas and some 50 billion barrels of natural gas condensate.
Wanda Theme Park
One of China’s largest business conglomerates， Wanda Group， has opened its third theme park in Harbin， Heilongjiang Province， in its latest effort to venture into the leisure industry.
Harbin Wanda City， the largest recreation project in the nation’s northeastern region， will include Russian-style theme park facilities， a movie theater and the world’s largest indoor skiing and snowentertainment park spanning 1.5 square km.
The 40-billion-yuan （$5.8 billion） development is Wanda’s latest commitment to the country’s booming leisure industry， which the China National Tourism Administration expects will grow to 10 trillion yuan （$1.47 trillion） in the years to come.
Wanda Chairman Wang Jianlin revealed in May 2016 an ambitious plan to develop as many as 20 Wanda Cities nationwide by 2020. Time-Saver
Workers examine a section of a tunnel on Tianjin’s Subway Line 5 on July 1. The line， connecting the city’s northern and southern parts， is expected to be completed by the end of this year.
Alipay in Spain
Tourists from China will be able to use Alipay’s mobile wallet in Spain thanks to an agreement signed between multinational Spanish banking group BBVA and China’s Ant Financial Services Group， BBVA reported on June 28.
Alipay， operated by Alibaba affi liate Ant Financial Services， is one of the world’s largest online and mobile payment platforms. BBVA， Spain’s second-largest bank， is the fi rst Spanish fi nancial institution to cooperate with Alipay.
The Spanish lender is integrating Alipay into the bank’s Smartpay service， which functions via a mobile phone app， and is also working with Spain’s large stores so that they can accept payments via Alipay as early as possible， the bank said.
“This agreement is a great opportunity to service this growing market of visitors to Spain while allowing Spanish stores to promote sales and special offers directly to Chinese tourists，” said Jose Fernandez da Ponte， head of business development and new ventures at BBVA.
Rita Liu， head of Alipay Europe， Middle East and Africa， said，“Cooperating with BBVA not only allows us to make Chinese tourists’shopping experience in Spain as simple as in China， but also makes it easier for Spanish merchants to do business with Chinese customers.”