| Introduction |
| Electronic commerce is growing at a remarkable pace in China. With more than 110 million Internet users, e-commerce transactions in China have reached a volume of $70 billion in 2005, an increase of 54% over 2004. In 2006, one third of the most visited websites worldwide are in China. The e-commerce boom in China is largely due to the improvement of the electronic payment services in China. The demand for efficient electronic payment systems and the rapid growth of online financial services are triggering major changes in China's banking system. People's Bank of China, which is the central bank in China, has taken several initiatives in establishing an efficient electronic payment and settlement system. By November 2006, the amount of transactions using electronic payment systems has exceeded $1 trillion per day, an increase of more than 50% over 2005. |
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| However, China's current banking and financial system is facing several critical challenges in order to meet the demands from the fast economic growth and fast growth of the e-commerce sector. For example, the QQ-coin issued by Tencent, China's largest instant messaging provider with more than 200 million users, has raised the question on the impacts of virtual money on the overall monetary system. In addition, how the financial services provided by trusted third parties will affect the monetary demand in China is not fully understood. With an increasing reliance on electronic payments, the stability of the monetary system in China could be affected, which presents another major concern. There are many emerging issues that need answers in order to better manage growth and development of the economy in China. |
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| With the sponsorship from People's Bank of China and other government agencies, researchers in China have been making great efforts recently to explore this new research area. Chinese researchers are investigating the electronic payment system and practices in Europe (led by European Central Bank) and the U.S (led by the Federal Reserve Bank system). The goal is intended to provide quality and insightful policy guidelines to help the People's Bank of China set regulations and policies for the monetary system in China. Studies and discussions in this area will also offer guidelines to commercial banks and to financial services firms that provide electronic payment services. |
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| The objective of this interdisciplinary workshop is to bring together international scholars in economics, finance and banking, information systems, electronic commerce, and other relevant areas to discuss the current status and future development of China's electronic payment systems and China's digitization of its financial service industry. The focus of this workshop will include but is not restricted to the following areas: |
• Electronic payment and settlement in China
• The trend of electronic payments and settlements in the world
• Decision analysis in financial service industry
• The impacts of digitization of the financial services industry on the evolution of China's society and economy
• Public electronic payment services, Internet banking, and online brokerage
• Risk, security, and trust in electronic payment services
• Future e-payment systems. |
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| We have obtained wide, strong support from various government agencies and private firms in China, including People's Bank and the Southwestern University of Finance and Economics. This workshop will serve as an academic forum to bring together leading researchers, to explore collaborative opportunities, and to strengthen the links between the various institutions in China and the international community. We plan to hold this workshop annually in the future. |
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