Chinese government launches online payment processing platform

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Beijing--The government of the People's Republic of China has launched the country's first online international payment processing platform through, a Beijing-based business-to-business portal. The move is significant because it will allow China-based businesses to accept letters of credit from foreign businesses over the Internet. A recent study by International Data Corp., Framingham, Mass., forecast that by next year China will be the largest business-to-business and consumer Internet market in Asia, outside of Japan.
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