THE credit card industry in Shanghai recorded robust growth as the central government continues to transform the economy to focus on domestic demand.
Credit card debt rose 29 percent year on year to 265 billion yuan (US$42.5 billion) last year in Shanghai, while the bad loan ratio stayed below the general ratio of all loan categories at 1.75 percent, the Shanghai Banking Association said in a statement yesterday.
Purchases made with credit cards increased 44 percent yearly to 310 billion yuan. The city had nearly 20.6 million credit cards in circulation, 14 percent more compared to a year earlier, the association said.
Increased credit card use for shopping, fine dining, entertainment and overseas travel will further boost the sector in the city.
China recently lowered bankcard fees to promote retail sales.