Explainer: China’s initiatives improve financial access for foreigners [Video]

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 …