55 Million New Credit Cards Issued in 2011

Source: China Business News, ChinaScope Financial (Data)

+       According a recent report released by the China Banking Association, there were 55 million new credit cards issued in China in 2011. In the same year, a total of 285 million credit cards were issued, up 24.3% year-on-year. Transaction volume amounted to CNY 7.56 trillion, up 47.95% year-on-year.

+       Unpaid debt by credit card owners was CNY 812.96 billion in 2011, up 81% year-on-year. Of this number, debt exceeding six months was CNY 11.03 billion, a year-on-year increase of 43.5%.

Credit cards and line of credit have grown steadily in recent years, supported by increasing in banks’ credit commitments. Meanwhile the percentage of overdue credits is declining.

If you'd like to receive a daily e-mail update of ChinaScope Daily Dim Sum Newsletter, please contact us:newsletter@chinascopefinancial.com. If you'd like to try out ChinaScope Database, apply for a trial here