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Research Center for Payments & Settlements


Formerly known as the CASS Research Center for Payments & Settlements, the center is a leading academic position both domestically and internationally in various fields of research, including payments and settlements theories, policies and practices. The center is committed to tracking theoretical developments on payment economics, the latest industry developments, and changes in the regulatory policies of domestic and international payments and settlements sectors, and organizes various academic, policy and applied research related to the reform and development of payments and settlements systems. The center has regular liaisons with regulators, payments and settlements service institutions and other agencies. By hosting seminars and conducting project consultations and trainings, the center has become an important research and information exchange platform in China in the field of payments and settlements.

Scope of Research:

To track and investigate the trends and new developments of payment and settlement industry and regulatory/policy changes, carry out academic and policy research on the reform and development of payment and settlement system, encourage payment and settlement innovations, and promote the reform and development of payment, settlement and industry regulation through seminars, subject matter research, consultation and training, etc..

Organizational Framework:

The organizational framework of the Center is director responsibility system under the leadership of the Board.

Former Vice President and Member of the CASS Professor Li Yang is Honorary Chairman and Scientific Committee Chairman of the Center. Director of IFB and member of the CASS Professor Wang Guogang is Chairman of the Center. Assistant Director of IFB Professor Yang Tao is Director of the Center. Deputy Director is Professor Cheng Lian, editorial director of the Financial Review journal of the IFB, CASS.

Achievements of the Center:

The Center has mainly achieved the following results of research:

(1) Academic Papers

In April 2013, the Center published an influential academic paper - China Payment & Settlement Development Report, 2013 (Editor-In-Chief: Yang Tao). In April 2014, June 2015 and June 2016, the Center published the 2014, 2015 and 2016 editions of China Payment & Settlement Development Report respectively (Editor-In-Chief: Yang Tao).

In addition, the Center launched the CASS IFB Research Center for Payments and Settlements Publication Series. In April 2014, the Center published Online Lending and SME Financing (Editors-In-Chief Chen Wen, Wang Fei). In December 2014, the Center published Internet Finance Theories and Practice (Editor-In-Chief Yang Tao) through Economic Management Press. In July 2016, the Center published Real P2P Lending: Innovations, Risks and Regulation (Editor-In-Chief Yang Tao). In November 2016, the Center published Change of Bank Card Industry in the Internet Era (Editor-In-Chief Yang Tao).

(II) Internal Reports

Organized the writing and publication of Payment & Settlement Review and completed various internal reports for each issue, which were sent to leaders of the CPC Central Committee and the State Council, financial regulatory authorities, relevant government departments, self-regulatory organizations, financial institutions and enterprises, as well as research institutions and gained extensive public recognition and influence.

To date, the Center has completed 44 issues of Payment & Settlement Review with 176 original internal reports.

(III) International Academic Conferences

In each April or May over the past four years since 2013, the Research Center for Payments & Settlements held an annual international academic forum Release of China Payment & Settlement Development Report and High-Level Forum on Payment and Settlement Theories and Policies in partnership with the IFB of CASS and Visa Inc. The forum was attended by leaders of regulatory authorities and Chinese and international industry elites and academic experts and was widely covered by the media, creating important conditions for promoting theoretical research and practical explorations on payments and settlements.

(IV) Internal Saloons and Small-Scale Seminars

The Research Center for Payments & Settlements strives to become a major third-party platform in China for the theoretical research, policy discussion and empirical analysis of payments and settlements. To this end, the Center has held a series of internal saloons and small-scale meetings during the corporation period to promote communication and exchanges among people from relevant industries.

(V) Attend Government Policy Advisory Activities

Ever since its establishment, the Center’s team led by Director Professor Yang Tao has attended the regulatory advisory activities of the Central Bank and other departments to support the issuance and evaluation of key policies.

(VI) Other Major Results of Research

First, the experts and scholars of the Research Center for Payments & Settlements completed a series of important academic papers, which were published on academic journals and increased the Center's professional and academic influence;

Second, propelled the publication of commentaries on relevant media to increase public awareness of payments and settlements and gain broader support;

Third, enhanced cooperation and exchanges with Chinese universities on developing the discipline of payments and settlements. For instance, the Center entered into cooperation with Shanghai Finance University and Southwest University of Finance and Economics on developing the discipline of payments and settlements;

Fourth, carried out proactive communication and cooperation with relevant representatives of payments and settlements market. In addition to enhancing communication with organizations like SWIFT, the Center has also carried out survey and research activities with UnionPay, AliPay, China Securities Depository and Clearing Co., Ltd., ChinaBond, Shanghai Clearing House and Nongxin Bank Fund Clearing Center.

Organizational Structure:

Senior Professors: Yang Tao, Cheng Lian

Distinguished Professors: Li Xin, Chen Jiazan




  1. Tao Yang

    Research Center for Payment & Settlements

  2. Lian Cheng





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