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E-payments will support China's economic rebalancing: Moody's
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IANS | 21 Jun, 2017
The rapid rise of third-party electronic payments is boosting China's
online consumer market growth and it will support its economy's
rebalancing, a Moody's report said.
The value of the third-party
e-payments in China has grown at an annual rate of more than 100 per
cent since 2015, offering consumers an alternative to banks' payment
channels at lower transaction costs, said the credit rating agency.
The
growth stimulates online consumption and services, benefiting internet
companies and service companies along the supply chain, Xinhua news
agency quoted the report as saying.
In the long term, the
development of e-payments and overall growth of e-commerce would
encourage China's economic rebalancing toward consumption from
investment, Moody's said.
It would support growth of the service
sector, which would boost employment and consumption, and in turn
stimulate more e-payments, it added.
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US Dollar
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