The Existing Problems And Countermeasures Of The Inter-bank Payment And Settlement System In Jilin

A safe and efficient payment and settlement system plays an important role in smooth transmission of monetary policies, organic connection of financial markets, accelaration of fund turnover, improvement of resources-utilization efficiency and prevention of financial risk. Besides, it helps to boost innovation of financial instruments, to cultivate the market credit, to improve financial service and to strengthen the public's trust in monetary and transfer payment system. Therefore, the central bank in each economy pays great emphasis on the development of payment system. With the development of economic globalization and financial deregulation, almost all economies are closely linked while information technology and financial business are increasing mergered. This trend not only influnces market arrangements andt risk feature, but also makes the payment system the leading cause and the main transission channel of financial risk.The promulgation of《People's Bank of China Law》establishes People'Bank of China as the organizer , administer and supervisor of the paymenet and settlement system, and People's Bank of China is endowed with the power of maintaining the stable payment and settlement system. With law-based adminstration and market-oriented regulation, People's Bank of China improves the regulation system and policy context, encourages payment business innovation, regulates market order and strengthens the ability to prevent risk. Moreove, People's Bank of China performs the public administration to stimulate the development of payment and settlemnet market. Nowadays, the payment service system in China consists of People's Bank of China, banking financial institutions and payment settlement institutions. People's Bank of China and banking financial institutions act as the main part while payment settlement institutions as supplement. To meet the payment need of economic activities and home service, the payment instrument system in China includes cheques, bill of exchanges, promissory notes and bank cards with the tendency of increasing utilization of electronic payment instruments. The payment and settlement system in China is made up of Chinese modern payment system serving as the core, commercial banks'systems as the basis and the clearinghouses.This article compares the experience and lessons of the payment and settlement system development in China with that of other leading economies, studies the problems of payment and settlement system in Jilin as well as countermeasures by analyzing the current running status of payment and settlement system in Jilin.