Abstract

China Payment and Settlement System Development Report（2015），as the annual report of Research Center of Payment & Settlement，aims to summarize and reflect the various aspects of China’s payment and settlement system and their implication for real economy. It try to cover the reform and evolution of institutions，rules，and policies on payment and settlement system over the world and track the theoretical frontiers in this area. With ample data and detailed analysis，the report tries to provide reliable and useful references for financial institutes，academic researchers，and regulatory authority.

A general background for the development of payment and settlement system in our time is the ubiquitous application of modern information technology，especially internet，which fundamentally change the structure and style of payment. While people and firms benefit from the incredible efficiency of payment and settlement system based on modern informant technology，regulatory authorities and scholars are concerned with the risks companied. As the evolution of social and economic institutions derived by technology innovation is unstoppable，it is a imperative task to find the new balance between efficiency and risk，for which massive research based on the practice of payment and settlement over the world is needed. We hope China Payment and Settlement System Development Report can be a part of the effort.

The report consists of three parts：general reports，sub-reports，and special topics. The general report presents a panorama of China’s payment and settlement system，including its evolution path，current status，existed problems，and future trends. with quantity analysis methods，sub-reports explore the relationship between payment and settlement system with macroeconomic variables，regional development，financial risk，and monetary policy. Special topics cover the practice of payment and settlement system in foreign countries and provide a selective survey of hot issues in this area.

We expect this report to become a platform for the communication between Research Center of Payment & Settlement and all the peoples and institutes interested in this significant area to contribute to the development of China’s payment and settlement system.