China opens its credit card market
After an appeal of American credit card issuers at WTO World Trade Organisation, China is now opening its credit market by allowing Citigroup to issue its own card (in Chinese currency) in China. China has becoming a very important credit market in the last few years
Maybe you wonder why we publish this information of the Chinese credit market in a textile oriented publication such as TextileFuture? Well, we think the progress in credit cards issue is another mean to reflect the growing buying power of Chinese and they will make use of the card also in the textile area and the credit market is very dynamic in China. The Chinese Central Bank indicates that at the end of September 2011 around 268 million credit cards were issued and this means a plus of 20% compared with 2010. The most important credit card processor in China is Unionpay and foreign banks needed a Co-Branding with a Chinese partner in order to have access to the Chinese credit card market and there was only one exception the Hong Kong Bank of East Asia was permitted to issue its own brand without another Chinese partner.