South China's Shenzhen City is streamlining cross-border payments by expanding currency exchange services across all 21 Asia-Pacific Economic Cooperation (APEC) member economies.
As the host of the 2026 APEC, China will hold the 33rd APEC Economic Leaders' Meeting in Shenzhen, Guangdong Province, in November. Approximately 300 APEC-related meetings and events will take place in multiple Chinese cities throughout the year.
At a shopping center in the city, several foreign consumers recently made purchases with their smartphones with help from staff.
"Payment here is really convenient, very easy. I never think about my wallet or something," said Olha, a foreign consumer.
Meanwhile, the city is also expanding the tax refund scenarios.
In Huaqiangbei, one of the world's largest wholesale markets for electronic products, China's first service point that combines tax refund, currency exchange and payment was established. It not only spares foreign customers from running around to multiple places for these services, but also effectively reduces the operational burden on local merchants.
"Tax refund points facilitate a second round of consumption in commercial areas. It also integrates with the lifestyle and catering services of core business districts to maximize the efficiency of refund-upon-purchase and boost domestic consumption and tourism," said Liu Xinhong, product manager of the bank card center at the Industrial and Commercial Bank of China Shenzhen Branch.
By the end of June, the city had more than 2,500 departure tax-free retail stores, with sales exceeding 1 billion yuan (about 139 million U.S. dollars), up 130 percent year over year.
In the first half of 2026, the volume and number of non-cash transactions by overseas visitors in Shenzhen both increased.
Shenzhen upgrades cross-border payment to cover currencies of APEC member economies
