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BEIJING, May 28 (Xinhua) -- The issue of third-party online payment permits in China this week will boost the sector's development through giving it a legal status, analysts said.The People's Bank of China (PBOC), or the central bank, on Thursday announced its first batch of electronic payment licenses to 27 qualified third-party online payment platforms, including Alipay, Tenpay and 99bill.It also stipulated that all the third-party payment businesses should obtain licenses before September, or cease doing business.The move has long been awaited after the central bank said in June last year that non-financial institution payment service would be regulated, and that all businesses involved in the service must get licenses before Sept. 1, 2011.The license covers payment transactions such as Internet payment, mobile phone payment, bank card acquiring service, issuance and accept of prepaid cards and currency exchange.The move provides a legal status for the third-party payment sector so that it can develop in a more standard and healthy way, said Zhang Meng, an analyst with Analysys International, an Internet market information provider.Third-party payment enterprises refer to those non-financial operators who work as the third party between buyers and sellers to provide payment settlement through Internet, telephones or mobile phones.China has the world's highest number of Internet users, with about 457 million netizens, among whom 148 million were active online shoppers as of the end of last year.China's online payment topped 1.09 trillion yuan (167.29 billion U.S. dollars) last year. The figure was 397.3 billion yuan in the first quarter this year, almost doubled year-on-year.99bill CEO Guan Guoguang called the issue of the third-party payment licenses "a milestone" for China's e-payment sector.Requiring that enterprises must be licensed to operate e-payment businesses will help standardize the sector, improve services and boost integration of e-payment and e-commerce, said Guan.The first group of e-payment license holders include Alipay.com Co. Ltd, a unit of Alibaba Group Holding which owns the country's largest e-commerce website Alibaba.com Co. Ltd.; China UMS, a unit of China UnionPay Co. Ltd; Tenpay.com, an e-payment platform developed by Chinese Internet giant Tencent Holdings and Shengfutong, launched by Shanda Interactive Entertainment.Five applicants, however, failed to get licenses.Businesses with licenses will attract more investment and high-end personnel, says iResearch analyst Cheng Shanbao.For those without a license, they will be merged or have to pull out of the sector, according to Yeepay CEO Tang Bin.The central bank selected enterprises that have good management and risk control systems, as well as profit prospects, Zhang Meng said.Mergers are inevitable as the cut-off date of Sept. 1 is approaching, he added.The third-party payment enterprises mainly profit from 1 to 4 percent fees, but analysts believe profits from the fees might be reduced due to fierce competition.

ABU DHABI, Feb. 10 (Xinhua) -- China is willing to deepen friendship, broaden cooperation, and enhance coordination with the United Arab Emirates (UAE) in international and regional affairs, visiting Chinese Foreign Minister Yang Jiechi said Thursday.During a meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan, Yang said China and the UAE have witnessed in recent years rapid development in their bilateral ties, with closer high-level contacts, increasingly strengthened mutual political trust, fruitful cooperation in such areas as trade and economy, and broadened cultural exchanges.China has praised the UAE's support in Xinjiang-related and human rights issues, he added.For his part, Sheikh Mohammed said the UAE-China relations are currently at an important period of in-depth development and faced with good opportunities.The UAE attaches great importance to its relations with China and hopes to cement the traditional friendship between the two countries and develop pragmatic cooperation in various fields, he added.Sheikh Mohammed said the UAE expects that China will continue to play a positive role in international and regional affairs.Earlier in the day, Yang also met with his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan. Both sides reached broad consensus after exchanging views on bilateral ties and regional issues of common concern.The Chinese foreign minister arrived in the UAE capital of Abu Dhabi late Wednesday for an official visit to the Gulf nation.
LOS ANGELES, May 5 (Xinhua) -- NASA has selected three planetary missions from which it will pick one potential mission to look at Mars' interior for the first time, NASA's Jet Propulsion Laboratory (JPL) announced on Thursday.The Mars mission, to be launched in 2016, would be led by JPL, according to the announcement.The other two missions would study an extraterrestrial sea on one of Saturn's moons; or study in unprecedented detail the surface of a comet's nucleus, said JPL in Pasadena, Los Angeles.The selected investigations could reveal much about the formation of our solar system and its dynamic processes, JPL said.Each mission will receive three million dollars to conduct its mission's concept phase or preliminary design studies and analyses, JPL said in a news release.After another detailed review in 2012 of the concept studies, NASA will select one to continue development efforts leading up to launch. The selected mission will be cost-capped at 425 million dollars, not including launch vehicle funding, according to JPL.NASA's Discovery Program requested proposals for spaceflight investigations in June 2010. A panel of NASA and other scientists and engineers reviewed 28 submissions."NASA continues to do extraordinary science that is re-writing textbooks," said NASA Administrator Charles Bolden. "Missions like these hold great promise to vastly increase our knowledge, extend our reach into the solar system and inspire future generations of explorers."
BEIJING, Feb. 9 (Xinhua) -- The Chinese currency, or the yuan, rose to a new high of 6.585 against the U.S. dollar Wednesday, according to the China Foreign Exchange Trading System.The central parity rate of the RMB, or the yuan, was 10 basis points higher than the previous record of 6.586 set on Feb. 1, the previous trading day.The yuan appreciated 3.6 percent last year, but some analysts predict it could rise further against the dollar this year as the People's Bank of China (PBOC), the central bank, attempts to cool accelerating inflation.The PBOC announced Tuesday it would raise the benchmark one-year borrowing and lending rates by 25 basis points from Wednesday.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
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