On January 24, Ge Huayong, Chairman of China UnionPay attended the 48th Annual Meeting of World Economic Forum held in Davos, Switzerland, and delivered a speech entitled “Comprehensively deepening reform to build a new payment ecosystem” on the “China Reopening” Caixin Themed Meeting. Ge Huayong said, it is reform and opening-up that contributes to the earth-shaking changes of Chinese economy. Under the new situation that the state adheres to comprehensively deepening reform, UnionPay will cooperate with all parties concerned to construct the new pattern of payment industry.

According to Ge Huayong, over the past four decades of reform and opening-up, Chinese economy has experienced rapid development, Chinese financial industry booms huge dynamics, and the payment industry has already formed relatively mature, diversified, multi-layered and open market pattern. 

He holds that, the further deepening of reform and opening-up will become the theme of Chinese development in the future. “China Reopening” will take on the following characteristics. Firstly, more Chinese enterprises featuring enormous potentiality will reach out. Secondly, the way of economy development will gradually transfer from labor-intensive and resource-intensive to technology-intensive and capital-intensive. Thirdly, the reform on economic structure will focus on the market-oriented allocation of elements, so as to realize the free mobility of elements, flexible price responsiveness, fair and orderly competition and survival of the fittest enterprises.

It is highlighted by Ge Huayong that, UnionPay will continue its road of internationalization and innovative development, and endeavor to realize the development strategy of “global network, international brand”. The specific measures are as follows: firstly, provide secure and convenient solutions for cross-border payment and unremittingly enlarge the acceptance scope for the purpose of realizing the fundamental goal of “where Chinese people go, where UnionPay cards serve” as soon as possible; secondly, accelerate the localization development of international business by quickening the card issuing progress and the layout of innovative products in the overseas; thirdly, promote the localization application of technical standards. UnionPay will realize the further upgrading of opening by participating in the construction of payment infrastructure and the cooperation of UnionPay technical standards in accordance with the actual demands of overseas market.

This Annual Meeting of World Economic Forum is held in Davos, Switzerland from January 23 to January 26, and themed by “Strengthen cooperation in the disintegrated world”, including over 400 seminars. More than 3,000 guests are invited to attend the Annual Meeting with 70 heads of state/government and over 1,900 enterprise seniors inclusive, among which the number of leaders present this year ranks to be the highest one over the years.