{"id":615,"date":"2017-11-08T06:22:32","date_gmt":"2017-11-07T22:22:32","guid":{"rendered":"https:\/\/www.hiredchina.com\/articles\/2017\/11\/08\/chinese-government-stops-wechat-pay-connecting-to-banks-directly\/"},"modified":"2025-01-04T17:00:29","modified_gmt":"2025-01-04T09:00:29","slug":"chinese-government-stops-wechat-pay-connecting-to-banks-directly","status":"publish","type":"post","link":"https:\/\/www.hiredchina.com\/articles\/chinese-government-stops-wechat-pay-connecting-to-banks-directly\/","title":{"rendered":"Chinese Government Stops Wechat Pay Connecting to Banks Directly"},"content":{"rendered":"<blockquote><p>August 4th, Central Bank of China (Chinese government) announced the launch of its clearinghouse. The clearinghouse here is used as a financial tool for the central bank to check transactions between banks to the third party platforms.<\/p><\/blockquote>\n<p>August 4th, Central Bank of China (Chinese government) announced the launch of its clearinghouse. The clearinghouse here is used as a <a href=\"https:\/\/www.hiredchina.com\/jobs\">financial tool<\/a> for the central bank to check transactions between banks to the third party platforms. \u00a0Third-party platforms like WeChat Pay, Alipay, JD Pay start to connect to the clearinghouse and request to finish before October 15th, 2017.<\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" src=\"https:\/\/media.hiredchina.com\/Fn_aubs-XBkkKlbUpDoSlECcvXhX?imageView2\/0\/format\/webp\/q\/75\" alt=\"1.png\" width=\"589\" height=\"217.38137082601054\" title=\"\"><\/p>\n<hr \/>\n<p>Tech giants are forced to share users&#8217; money transfer records to the Chinese government. <a target=\"_blank\" class=\"inside_link\" href=\"https:\/\/www.hiredchina.com\/articles\/tag\/jack-ma\/\" title=\"View all posts in Jack Ma\" >Jack Ma<\/a> was too shocked to respond, Pony (WeChat&#8217;s big boss) only could keep silent, the <a target=\"_blank\" class=\"inside_link\" href=\"https:\/\/www.hiredchina.com\/articles\/tag\/news\/\" title=\"View all posts in news\" >news<\/a> is overwhelming on media.<\/p>\n<p>From the <a href=\"https:\/\/dictionary.cambridge.org\/dictionary\/english\/perspective\" target=\"_blank\" rel=\"noopener\">perspective\u00a0<\/a>of the Chinese government, the third party platforms are kind of a loophole to check money transfer.<\/p>\n<hr \/>\n<p><span style=\"color: #964168;\"><strong><span style=\"font-size: 18px;\">\u00a0<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #964168;\"><strong><span style=\"font-size: 18px;\">How are Transactions Between WeChat and Banks?<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: start;\"><span style=\"font-size: 16px;\">The transaction between\u00a0<strong>banks<\/strong><strong><strong style=\"color: #964168;\">\u00a0<\/strong><\/strong>and\u00a0<strong>banks<\/strong>\u00a0are different from that between\u00a0<strong>WeChat<\/strong>\u00a0and\u00a0<strong>banks<\/strong>.<\/span><\/p>\n<p style=\"text-align: start;\">\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.hiredchina.com\/Fl80S2o7jRUAeJhGKmnWqpLlOX72?imageView2\/0\/format\/webp\/q\/75\" alt=\"2.png\" width=\"633\" height=\"252\" title=\"\"><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.hiredchina.com\/articles\/chinese-government-stops-wechat-pay-connecting-to-banks-directly\/#The_photo_above_is_the_process_of_money_transfer_between_banks\" title=\"The photo above is the process of money transfer between banks.\">The photo above is the process of money transfer between banks.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.hiredchina.com\/articles\/chinese-government-stops-wechat-pay-connecting-to-banks-directly\/#The_photo_above_is_the_process_of_money_transfer_between_banks_and_WeChat\" title=\"The photo above is the process of money transfer between banks and WeChat.\">The photo above is the process of money transfer between banks and WeChat.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.hiredchina.com\/articles\/chinese-government-stops-wechat-pay-connecting-to-banks-directly\/#The_photo_above_is_the_process_of_money_transfer_from_between_banks_and_WeChat_after_the_launch_of_the_clearinghouse\" title=\"The photo above is the process of money transfer from between banks and WeChat after the launch of the\u00a0clearinghouse.\">The photo above is the process of money transfer from between banks and WeChat after the launch of the\u00a0clearinghouse.<\/a><\/li><\/ul><\/nav><\/div>\n<h5><span class=\"ez-toc-section\" id=\"The_photo_above_is_the_process_of_money_transfer_between_banks\"><\/span><span style=\"color: #888888;\"><span style=\"color: #333333;\">The photo above is the process of money transfer between banks.<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p style=\"text-align: start;\"><span style=\"font-size: 18px;\">\u00a0<\/span><\/p>\n<p style=\"text-align: start;\"><span style=\"font-size: 18px;\">Currently, transferring money through WeChat Pay is not under monitored by the Chinese government.<\/span><\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.hiredchina.com\/Fig2yZu6dFyT3SOh9zLZNpCajmg5?imageView2\/0\/format\/webp\/q\/75\" alt=\"3.png\" width=\"633\" height=\"210\" title=\"\"><\/p>\n<p style=\"text-align: start;\">\n<h5><span class=\"ez-toc-section\" id=\"The_photo_above_is_the_process_of_money_transfer_between_banks_and_WeChat\"><\/span>The photo above is the process of money transfer between banks and WeChat.<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<hr \/>\n<p><strong><span style=\"font-size: 18px;\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"font-size: 18px;\">A Big Loophole Here:<\/span><\/strong><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 16px;\">If you connect a bank card to WeChat, the money deducting from your account in Bank A is to WeChat&#8217;s company account in bank A. This procedure is still under monitoring.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 16px;\">But the real money transfer from WeChat company account in bank A to that in bank B may not exist.<\/span><\/p>\n<p style=\"text-align: start;\"><span style=\"font-size: 16px;\">So, for the government, they have no clues for where the money goes.\u00a0Now it&#8217;s time to make up the loophole, the launch of the clearinghouse achieves it.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 16px;\">\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #964168;\"><strong><span style=\"font-size: 18px;\">The Launch of Clearinghouse<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: start;\">\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.hiredchina.com\/FspvMU-oSMki9fIqcQXU9dzFI1nh?imageView2\/0\/format\/webp\/q\/75\" alt=\"4.png\" width=\"642\" height=\"163\" title=\"\"><\/p>\n<h5><span class=\"ez-toc-section\" id=\"The_photo_above_is_the_process_of_money_transfer_from_between_banks_and_WeChat_after_the_launch_of_the_clearinghouse\"><\/span>The photo above is the process of money transfer from between banks and WeChat after the launch of the\u00a0clearinghouse.<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<hr \/>\n<p><span style=\"font-size: 18px;\"><strong>\u00a0<\/strong><\/span><\/p>\n<p><span style=\"font-size: 18px;\"><strong>What&#8217;s That Meaning?<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 16px;\">Imagining, you get up in the morning to order a taxi from DiDi,\u00a0stop by McDonald&#8217;s to buy a breakfast.\u00a0After the whole morning&#8217;s work, you use phone apps to get a lunch&#8230;<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 16px;\">As long as you pay by Wechat, your\u00a0consuming record will go into the government financial system through the clearinghouse. They know where you been, how much you spent, what you bought.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: start;\"><span style=\"font-size: 16px;\"><strong>\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: start;\"><span style=\"font-size: 16px;\"><strong>The government knows your consuming habits, as you use the passport to active WeChat Pay, any bad records happens on WeChat they can trace to you. Also, many people expected the withdraw fees from WeChat will get increased.<\/strong><\/span><\/p>\n<p style=\"text-align: start;\"><span style=\"font-size: 16px;\">Consuming data can be checked by tracing money transfer records, but the government will not be so bored to check you unless you break the law.<\/span><\/p>\n<p style=\"text-align: start;\"><span style=\"font-size: 16px;\">In the past, because of the direct connection between Wechat Pay and the commercial banks. Illegal behaviors happened occasionally, like smuggling, money laundering, money transfer through the underground banks etc.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 18px;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.hiredchina.com\/FnfrOITeEOFZzmJfZFdrMISU56VR?imageView2\/0\/format\/webp\/q\/75\" alt=\"5.png\" width=\"588\" height=\"470\" title=\"\"><br \/>\n<\/span><\/p>\n<hr \/>\n<p style=\"text-align: start;\"><span style=\"font-size: 16px;\">But it&#8217;s unnecessary for normal people to overreact about the clearinghouse. It just broke the hearts of Jack Ma and Pony, they have to be more\u00a0selfless and generous to\u00a0share millions of users&#8217; data to the government.<\/span><\/p>\n<p style=\"text-align: start;\">\n<p style=\"text-align: start;\">If you need HK Company Registration and HK Company Audit help, you may find the below information helpful.<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.hiredchina.com\/FlXuiHer3QjTm1_L-TQ6wM-bm_5s?imageView2\/0\/format\/webp\/q\/75\" alt=\"234.png\" width=\"595\" height=\"421\" title=\"\"><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/media.hiredchina.com\/FueVs3o67GU7aCuQMkQN5cQ2wsEB?imageView2\/0\/format\/webp\/q\/75\" alt=\"sdfasdf.png\" width=\"589\" height=\"185.08506944444446\" title=\"\"><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><img decoding=\"async\" src=\"https:\/\/media.hiredchina.com\/FlXXlKXBxtykYAuKbjvAxKMwIbVH?imageView2\/0\/format\/webp\/q\/75\" alt=\"GIC.jpg\" width=\"450\" height=\"488.9643463497453\" title=\"\"><\/p>\n","protected":false},"excerpt":{"rendered":"August 4th, Central Bank of China (Chinese government) announced the launch of its clearinghouse. The clearinghouse here is used as a financial tool for the central bank to check transactions &#8230;","protected":false},"author":1,"featured_media":25806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[60,3653,306,229,29,34,27],"class_list":["post-615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-china","tag-chinese-government-stops-wechat-pay-connecting-to-banks-directly","tag-hiredchina","tag-jack-ma","tag-jobs","tag-jobs-in-china","tag-news"],"_links":{"self":[{"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/posts\/615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/comments?post=615"}],"version-history":[{"count":1,"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/posts\/615\/revisions"}],"predecessor-version":[{"id":25808,"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/posts\/615\/revisions\/25808"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/media\/25806"}],"wp:attachment":[{"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/media?parent=615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/categories?post=615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hiredchina.com\/articles\/wp-json\/wp\/v2\/tags?post=615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}