China National Advanced Payment System: Need for Foreign Bank In China
The China National Advanced Payment System (CNAPS) was established with intent to modernize Chinas payment systems. The system was initiated on the basis of Chinese economic conditions as well as the experiences and other long term forecasts of some other developed courtiers. Subsequently, all foreign banks today in China are forced to operate according to China National Advanced Payment System. Obviously the banks which do not comply with CNAPS will face ranges of difficulties. This paper will analyze foreign banks disadvantages of not using CNPAS while operating in Chinese business environment.