Slowdown in growth of credit cards in Q1
By Feng Jianmin |
May 23, 2012, Wednesday
|
Print Edition
Print Edition
THE growth in the number of credit cards in circulation in China slowed in the first quarter of this year, while defaults posted a slight gain, the central bank said yesterday.
Credit cards in circulation rose to 290 million at the end of March, an increase of 20 percent year on year. The rise was 5.7 percentage point lower than a year earlier.
The weaker growth extended a slowdown in the past three years as China's credit card market is becoming mature, said an industry report released by the China Banking Association earlier this month.
But the default rate rose slightly in the first three months.
Defaults of more than half a year rose to 12 billion yuan (US$1.9 billion) at the end of the first quarter, 9 percent higher than the end of December.
The default ratio rose 0.2 percentage point to 1.6 percent but it was still manageable, the central bank said.
Credit cards in circulation rose to 290 million at the end of March, an increase of 20 percent year on year. The rise was 5.7 percentage point lower than a year earlier.
The weaker growth extended a slowdown in the past three years as China's credit card market is becoming mature, said an industry report released by the China Banking Association earlier this month.
But the default rate rose slightly in the first three months.
Defaults of more than half a year rose to 12 billion yuan (US$1.9 billion) at the end of the first quarter, 9 percent higher than the end of December.
The default ratio rose 0.2 percentage point to 1.6 percent but it was still manageable, the central bank said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
