China Announces Limited Reforms to Attract Visitors and Investment, But Larger Economic Concerns Remain

China vows to improve acceptance of cash, overseas bank cards and payment methods to attract visitors and investment, but more reforms needed to address economic and security concerns

Promises greater punishment for shops rejecting cash; easier foreign exchange and account opening

Seen as "easy but marginal win" for foreign business; doesn't resolve main worries about economy and security

Positive step, but more work needed on aligning payment systems and legal environment says business group

Recent moves to raise overseas card transaction limits, enable WeChat/Alipay for visitors, and approve Mastercard JV for RMB clearing