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Core Viewpoint - The approval of the card clearing business license for LianTong Company by the People's Bank of China marks a significant entry of foreign card organizations into the Chinese financial market, potentially impacting local banks and the overall financial landscape [1][11]. Company Overview - LianTong Company was established in October 2017 with a registered capital of 1 billion RMB, with LianLian Digital Technology Co., Ltd. and American Express holding equal shares of 50% each [2]. - American Express, founded in 1850, is a well-known global credit card company with a rich history and significant market presence [4]. Market Entry Implications - The approval allows LianTong to conduct RMB clearing business in China, enabling the issuance of a new RMB card that operates independently of China UnionPay [10][11]. - This move is expected to increase the international use of the RMB, contributing to its global acceptance and internationalization [11]. Competitive Landscape - The entry of American Express into the Chinese market is anticipated to trigger a wave of competition among international financial giants, including Visa and MasterCard, as China continues to open its financial sector [11][12]. - The Chinese financial industry is poised for significant changes as it faces increased competition from foreign entities, which may lead to a more dynamic and competitive environment [12][13]. Historical Context - The historical investment by Warren Buffett in American Express during a crisis in the 1960s illustrates the potential for recovery and growth in the company, which remains a significant holding in Buffett's portfolio today [7][10]. - The experience of American Express highlights the importance of resilience and adaptability in the face of market challenges, a lesson that may be relevant for local Chinese companies as they navigate increased competition [14].