The State Council announced that it would allow foreign and domestic firms to apply to process bank and credit card transactions, The Wall Street Journal reported, citing an online statement from the council published Wednesday. The move is a step toward easing the state’s grip on credit cards and potentially resolving a long-running trade dispute with the US, allowing foreign companies such as Visa (V.NYSE) and MasterCard (MA.NYSE) to have a greater presence on the mainland. The statement, which did not announce a timeline for the change and said the move was part of efforts to open up China’s financial sector, followed a council meeting chaired by Premier Li Keqiang.
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