Improved cross-border payment unlocks inbound tourism consumption potential: CINIC report

China's improvements in cross-border payment interconnection have greatly enhanced the payment experience for overseas visitors and further unlocked the consumption potential of inbound tourism, according to a report released by the China Internet Network Information Center (CINIC) on Thursday.

In 2025, China's online payment transaction volume remained high, and in particular, breakthroughs were achieved in cross-border payment connectivity, showed CINIC's 57th Statistical Report on China's Internet Development.

Under the guidance of the People's Bank of China (PBOC), the country's central bank, the unified cross-border QR code payment network began its trial operation at the end of July 2025, enabling visitors from some countries and regions to use their local e-wallets to complete payment by scanning QR codes at stores in China.

Driven by booming inbound tourism in 2025, China UnionPay launched the "Nihao China" application to serve as a core hub for cross-border payment.

The application is compatible with international cards such as Visa and Mastercard, covers tens of millions of merchants across various industries, including transportation and accommodation, and supports real-time conversion of more than 160 currencies.

Moreover, the international version of Chinese payment service platform giant Alipay has partnered with 40 e-wallets across the Asia-Pacific region, enabling consumers to use applications of their countries to directly complete payment overseas across 150 million stores.

The facilitation of payment has not only unleashed the potential of inbound consumption, but also enhanced the attractiveness of inbound tourism to China, said experts.

"By making payment more convenient, we can solve all the consumption obstacles for inbound tourists. At the same time, solving these obstacles or improving convenience will become an important part of their overall consumption experience in China," said Li Mingtao, chief e-commerce expert at the China International Electronic Commerce Center.

Improved cross-border payment unlocks inbound tourism consumption potential: CINIC report

The Bank of England (BoE) has kept its benchmark interest rate unchanged at 3.75 percent, Britain's central bank said in a statement on Thursday.

At its meeting ending on Wednesday, the BoE's Monetary Policy Committee (MPC) voted by a majority of five to four to maintain the rate. Four members voted to reduce the rate by 0.25 percentage points.

In mid-December 2025, the bank announced a 25-basis-point cut to its benchmark interest rate, bringing it down to 3.75 percent, the lowest level since early 2023.

The move marked the sixth rate reduction since August 2024, when the bank began easing monetary policy from a 16-year-high rate of 5.25 percent.

The committee judged that the risk from greater inflation persistence had continued to become less pronounced, while some risks to inflation from weaker demand and a loosening labor market remained, the statement said.

Britain's consumer price index (CPI) rose by 3.4 percent year on year in December 2025, accelerating from 3.2 percent in November, earlier data from the Office for National Statistics (ONS) showed.

The country's economy expanded marginally in late 2025 amid a subdued underlying momentum, with real gross domestic product (GDP) edging up 0.1 percent in the September-November period. At the same time, its unemployment rate for people aged 16 and over remained at a high level of 5.1 percent, according to the ONS.

Bank of England maintains interest rate at 3.75 pct