Hi everyone. I’m Stephanie LI. Coming up on today’s program. China rolls out new rules to unify 400 trillion yuan non-bank payment sector; East Buy jumps as star live-streamer returns as senior partner and VP of New Oriental’s culture and tourism branch. Here’s what you need to know about China in the past 24 hours  China has introduced new regulations to better monitor and supervise non-bank payment institutions, which are entities such as fintech giant Alipay and instant messenger WeChat that provide bank-like services but do not hold a banking license, to create an equal playing field in this burgeoning 400 trillion yuan (USD56.5 trillion) industry. The payment sector is now classified into two categories, namely stored value account operations and payment transaction processing, as opposed to the previous three segments of online payments, bank cards and prepaid cards, according to a 60-point document released yesterday. The new rules will take effect on May 1 next year. New payment methods such as barcode payments and face-scanning payments have been included to prevent regulatory gaps, the People’s Bank of China said. Business requirements as well as capital and other conditions have been unified to form a fair institutional environment. Chinese and foreign payment platforms will be treated equally to prevent monopolies or unfair competition. The new regulations are conducive to the standardized development of the payment industry, said several non-bank payment institutions, including Alipay, WeChat’s payment platform Tenpay, Douyin’s payment unit Hezhong Yibao Technology, Meituan’s Beijing Qiandaibao Payment Technology, PayPal’s Chinese arm and China UnionPay. There were 185 such entities in China as of the end of September and they processed more than 1 trillion transactions last year amounting to almost 400 trillion yuan, according to PBOC data. This accounts for approximately 80 percent and 10 percent of the total national electronic payment business, respectively. In a joint statement released on Sunday, spokespeople from the PBOC and the Ministry of Justice offered a more detailed explanation. Payment institutions should establish sound business management systems and possess business systems, facilities and technology that meet the required standards. There should be a reinforcement of management rules for payment accounts, reserve funds and payment instructions, according to the statement.  It also stated that payment institutions are not allowed to misappropriate, occupy or borrow customer reserve funds and are prohibited from forging or altering payment instructions. The responsibility for due diligence investigations and risk monitoring by users of payment institutions should be effectively enforced. Institutions should enhance the safeguarding of user information, provide transparent pricing for their services and impose "reasonable" fees. Additionally, in cases of violation of the rules, the central bank will impose fines or restrictions on some payment operations, or order them to suspend business for rectification, up to the revocation of their payment business licenses, according to the statement. Moving on to regional highlights Tibet Airlines, China's first airline flying at high altitudes and with rich experience in plateaus, and Commercial Aircraft Corporation of China have partnered to develop a plateau model of the C919 aircraft, the country's first large self-developed passenger plane. Tibet Airlines became the first domestic carrier to start developing the C919, according to a deal it penned with the plane's maker Comac in Shanghai yesterday.   A new high-speed railway that links North China's port city of Tianjin with Beijing Daxing International Airport will start commercial operation on Monday, according to China's state railway operator. The railway, which covers a distance of 101 kilometers with six stations, can send passengers from Tianjin West Railway Station to Be