Core Insights - The 14th China Payment and Clearing Forum was held in Beijing, focusing on building a connected payment ecosystem and sharing the future of digital finance [1] - Dong Junfeng, Secretary of the Party Committee of China UnionPay, emphasized the importance of connectivity and collaboration in the payment industry, highlighting significant achievements in payment interconnectivity in recent years [1] - The ideal interconnected ecosystem should break institutional boundaries, promote consensus, and ensure mutual benefits among all parties involved in the payment value chain [1][2] Summary by Categories Vision for Interconnected Ecosystem - The vision includes "harmonious coexistence," where various financial institutions recognize and reward each other's unique contributions without undermining any party's interests [1] - The "blooming competition" vision encourages a shift from price competition to providing high-quality products and services based on unified regulatory standards [2] - The "inclusive openness" vision aims to lower costs for institutions to access networks, thereby enhancing the vitality of the payment network and achieving "Pareto optimality" [2] - The "steady and far-reaching" vision emphasizes that safety and compliance are fundamental principles that must be upheld within the regulatory framework [2] Initiatives by China UnionPay - China UnionPay is collaborating with industry stakeholders to explore a new high-quality interconnected ecosystem, including the establishment of a "new four-party model" to clarify roles and responsibilities [2] - The initiative includes a focus on "going global" by promoting Chinese payment products, brands, and standards in countries and regions along the Belt and Road [2] - There is an effort to develop a "cloud-management-end" system to facilitate resource aggregation, connection, and distribution, ensuring precise matching of supply and demand in the industry [2]

Core Viewpoint - The speech by the Secretary of the Party Committee of China UnionPay emphasizes the importance of connectivity and collaboration in the payment industry, highlighting significant achievements in payment interconnectivity in China and the need to transition from scale expansion to quality enhancement and global connectivity [1][2]. Group 1: Vision for Payment Ecosystem - The ideal interconnected ecosystem should break institutional boundaries, allowing all parties to contribute uniquely to the value chain without undermining each other's interests [1]. - A competitive yet cooperative vision encourages industry players to shift focus from price competition to providing high-quality products and services under unified regulatory standards [2]. Group 2: Open and Secure Ecosystem - An open vision promotes shared access to networks at lower costs, enhancing the vitality of the payment network and achieving Pareto optimality [2]. - Security and compliance are fundamental, serving as the non-negotiable foundation for the interconnected ecosystem, which must operate within regulatory frameworks [2]. Group 3: Collaborative Initiatives - China UnionPay is exploring a new high-quality interconnected ecosystem by establishing a "new quadrilateral model" that clarifies roles and responsibilities, ensuring fair and sustainable value distribution [2]. - The company aims to collaborate with industry players to promote Chinese payment products and standards globally, particularly in Belt and Road Initiative countries [2]. - There is a focus on developing a "cloud-management-end" system to facilitate resource sharing and precise supply-demand matching within the industry [2].