ECONOMY

正Growing Bank Cards The total number of bank cards issued by China’s banking institutions reached 5.44 billion at the end of last year,putting average per capita bank card ownership at 3.99,the latest data from the People’s Bank of China showed on April 5.Debit card issuance reached 5.01billion and credit cards totaled 432     

OPINION

Credit Cards Not Candy Nowadays, colleges and universities have become a big market for many banks and competition is fierce. At the start of every new semester, numerous banks will send their staff to promote credit cards among college students and some students even havetwo or three credit cards.As long as they are able to pay off theiroverdraft, it's acceptable to give college stu-dents credit cards. However, students don'have stable incomes. By targeting this group banks have to lower the threshold for cardapplications. Sometimes, they even do nocheck student applicants' repayment capa-bilities. An important reason for this practiceis that banks know behind the students aretheir parents. If students can't pay back thecredit, banks will turn to the parents to make good the outstanding amounts.     

Swapping One Tech Hub For Another

When I moved to Beijing’s Haidian District in August 2019 to begin my studies at Peking University,I hadn’t foreseen how my lifestyle would be so fundamentally altered by the citys deep technological interconnection.Yet only a few months later,the thought of handling payments with cash or debit/credit cards instead of WeChat China’s popular multipurpose app,via a QR code seems practically arcane.In the United States,we often still use chip readers and sign our receipts,drawing puzzled looks from Chinese tourists.     

Are You Creditworthy?

A central bank personal credit information database is set to help banks make informed decisions when approving credit cards or loans Deng Ming, a fresh graduate who works with a newspaper in Beijing, spends almost all her monthly salary. But she has 12 credit cards with credit lines ranging from 3,000 to 8,000 yuan, with the total credit line touching 60,000 yuan. Deng said she     

At Your Fingertips

Biometric technology is helping to streng then China's banking security you are at the ATM machine.You have your credit card ready,but can't remember the password.You have several credit cards,and it is always     

New Trends

正Chinese people are traveling around the globe more As of January 3,the Republic of Vanuatu had simplified the visa application process for visitors from China.Holders of ordinary Chinese passports no longer need to go to the embassy of Vanuatu and only need to fill in an online visa application form and send photos of passports and identification cards to     

Font of Music Prodigies

The credit for the success of budding Chinese virtuosos goes to both music educators and the parents that encourage their talented offspring to excel.     

Credit Craze

正Citibank gets green light to issue credit cards in China On hearing the news that U.S.financial services giant Citi announced it had obtained approval to     

About Slight Slowdown

Fears of a"double-dip"recession are haunting the world economy.But a"double-dip"recession is quite unlikely in China as long as the Chinese Government can properly deal with the real estate market,control credit expansion and stabilize the stock markets,said Yi Xianrong,a senior researcher at the Institute of Finance and Banking of the Chinese Academy of Social Sciences,in an article in Shanghai Securities News.Edited excerpts follow:     

DAWN OF CASHLESS SOIETIES

<正>Fintech companies want to enable payment without cash or credit worldwide China’s mobile payment providers are working to kickstart cashless societies around the world.Riding on the back of the growing numbers of Chinese tourists abroad,companies such as Ant Financial Services Group’s Alipay and Tencent’s WeChat     

Economy

正China Sees a Big Leap in Mobile Payments Last year 125 million Chinese made payments by mobile phones,an increase of 126 percent over the previous year,and the volume of payments rose by 707 percent.Users who pay by smartphone now outnumber those who pay by other means like bank cards and the Internet,according to the 2014 China Internet Financial Development Report,published in August by the Internet Society of China(ISC)and Finance World,a Xinhua News Agency magazine.     

Facing Up To Risks Despite its economic success, concerns linger about whether China will continue to maintain sustainable development

The report on China Economy and Finance Outlook (Q2 2012) released by the lntemational Finance Research Institute with the Bank of China (BOC) on March 28 bluntly pointed out the top four risks to China's economy,namely,excessive production capacity,volatile position for foreign exchange purchase,shrinking credit growth rate and the real estate bubble. While other research institutes,such as the International Monetary Fund and the Institute of Economics under the Chinese Academy of Social Sciences,are expressing optimism about China's economic outlook,the BOC report reminded people to focus more on the risks and malaise in the Chinese economy than the abundance of positive information.     

DAWN OF CASHLESS SOCIETIES

China's mobile payment providers are working to kickstart cashless societies around the world. Riding on the back of the growing numbers of Chinese tourists abroad, companies such as Ant Financial Services Group's Alipay and Tencent's WeChat Pay are developing new ways for consumers to spend their money while traveling without having to carry cash or credit.     

Challenging Credit Dominance

Europe's widening sovereign debt crisis has brought independent credit ratings to the forefront of the EU's agenda.To directly address the mat ter,the EU announced plans to set up a European creditrating authority for sovereign debt ratings on April 30.This marked a milestone in the international credit history,and the beginning of changes to U.S.-dominated international credit ratings and the pattern of international politics and economics,said Sun Zhe,Director of the Center for U.S.     

Why The Constitution Should Protect Personal Credit Information?——An Approach of Right Argumentation

Protecting personal credit information through constitutional rights is not only essemtial for individuals to defend against infringements on their personal credit information rights and interests by public power in the social credit system, but also a requirement for unified legislation on social credit to explore the basis for constitutional norms. In the era of the credit economy, personal credit information has become a vital resource for realizing personal autonomy. Along with the increase ...     

Seeking Universal Credit Ratings

Amid the EU’s ongoing sovereign debt crisis,the current international credit rating system has been accused of aggravating the world’s economic woes.Recently,Guan Jianzhong,Chairman of the Board and President of the Beijing-based Dagong Global Credit Rating Co.Ltd.,spoke to Beijing Review reporter Yu Yan about reforms in the current international credit rating system and Dagong’s role.Dagong is the first non-Western rating agency to assess the world’s sovereign credit and risks.     

Taming Wild Banking Risks

<正>Banking regulator keeps a watchful eye on Chinese banks to fend off threats as their credit ratings come into question Intermational credit rating agency Fitch Ratings warned 16 Chinese banks of     

Coordinating Fiscal Policy With Reforms

The proactive fiscal policy deserves much of the credit for helping the Chinese economy maintain stable growth in a volatile external environment during 2018.Throughout the year,the fiscal policy was generally expansive,and the government made great efforts to lower taxes and administrative fees.Value-added tax,corporate income tax and personal income tax were all cut,saving an estimated 1.3 trillion yuan ($189.5 billion)in 2018,The scale of fiscal expenditure was also appropriate with the fiscal deficit ratio standing at 2.6 percent.     

Is There Profit in China''''s Foreign Credit Card Market?

Recently, a survey by Lafferty Group, a provider of business information on global retail banking, has attracted much attention in China. The survey claims that Western banks that are rushing into the Chinese credit card market may find that it's impossible for them to make profits in China before 2010.     

Credit Expansion Buoyed by Real Economy

<正>Chinese banks extended a forecast-beating amount of new loans in September,while growth of broad money supply(M2)also accelerated,buoyed by credit demand from the real economy.New yuan-denominated lending in September hit 1.27 trillion yuan($192.8 billion),up from 1.09 trillion yuan($165.77billion)in August,well above market expectations,according to data released by the