Card counting

There is little doubt that credit card usage in China is growing at a rapid pace. As many as 15.6 million cards were issued in 2006 – an increase of 39% year-on-year – taking the national total to 50 million, according to China UnionPay.

The difficulty is making money from them.

“Credit cards still haven’t really taken off with the general population as incomes are relatively low,” said Charlene Chu, director of the Fitch Ratings financial ...

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