More credit cards
Source: Shanghai Daily |
March 1, 2013, Friday
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Print Edition
Print Edition
THE credit card industry in Shanghai grew robustly amid China's economic transformation as the central government seeks a consumption-driven economy. Credit card debt rose 29 percent year on year to 265 billion yuan (US$43 billion) last year in Shanghai, while bad loan ratio stayed below the general ratio of all loan categories at 1.75 percent, according to the Shanghai Banking Association. Consumption made through credit cards rose 44 percent yearly to 310 billion yuan. The city had nearly 20.6 million credit cards in circulation, 14 percent more from a year earlier, the association said.
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