(Yicai Global) Nov. 16 -- All Payment operations, whether state-owned, privately-owned or foreign-funded will be subject to approval and supervision mechanisms, said Fan Yifei, deputy governor of the China's central bank, the People's Bank of China (PBOC) at the 6th China Payment and Clearing Forum today.

The more open the sector becomes; the more regulations should be exercised by the government, he stressed.

More and more domestic payment industries especially non-banking firms should be encouraged to participate in international markets to gain a driving force for sustainable development.

China welcomes and encourages foreign companies to participate in the development and competition regarding electronic payments in China and welcomes more foreign institutions to enter the domestic payment industry in the form of capital, technology and intelligence, he said.

The Chinese government encourages both Chinese and foreign sustainable institutions to enter the sector and encourage the optimization of payment institutions through mergers and reorganization, he added.