China's banking industry will
be facing a number of challenges to improve its services during the 2008 Olympic
Games as millions of tourists are expected to spend billions of yuan during the
event.
Domestic tourists are likely to spend 215
billion yuan (U.S.$26.88 billion) during the Olympic Games, while overseas
tourists will pump U.S.$4.5 billion into the Beijing economy, said sources with
an on-going international exhibition on banking technology and equipment in
Beijing.
Liu Yongchun, vice president of China Unionpay, a national bank card payment
network, said foreign tourists and athletes should not have a problem in using
their bank cards in 2008. He said bank cards will be accepted by 90 percent of
the merchants near Olympic venues and 90 percent of hotels and scenic spots.
Currently only a limited number of Chinese banks are authorized to accept
foreign bank cards at their automated tellers.
Bank of China(BOC), an official partner of the Beijing Olympics, has been
approved by the State Administration of Foreign Exchange to provide services to
foreign organizations and individual clients during the Olympics. Hua Qingshan,
vice president of BOC, said his bank is the only financial institution in China
authorized to open temporary accounts for qualified legal persons.
BOC has also been commissioned by the Beijing Olympic Organizing Committee
(BOCOG) to sell event tickets and authorized Olympic products, said Hua.
