US companies upbeat on Chinese market

Michael Miebach, CEO of Mastercard, said: "China is one of the world's most dynamic economies, and Mastercard is committed to the market for the long term."

"We were pleased to receive our in-principal approval in February 2020. Since we began processing domestic transactions in May 2024, we have made strong progress — expanding acceptance, deepening local partnerships, and bringing simple, secure 'tap and go' experiences to everyday life. Looking ahead, we will continue to invest in China and bring more products and services that support both businesses and consumers," he said.