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k card is a modern financial instrument and the carrier of multiple financial businesses. Since Chinese first bank card was issued by Bank of China Zhuhai Branch in 1985, the functions of bank card are perfected progressively. The bank card, with its convenience and safety, gradually acquires the recognition of Chinese people. Therefore, the application scope of bank card is also enlarging. An increasing number of residents and traders begin to accept bank cards.
In recent years, Chinas bank card industry develops vigorously. By the end of 2009 [link widoczny dla zalogowanych], the total issue volume of bank cards reached about 2.06 billion in China. The penetration rate of bank cards was 32%. The issue volume of credit cards came to 186 million with the total credit line of about CNY 1.36 billion and the final repayable credit of about CNY 245.76 billion. The bank card plays an increasingly important part in the social and economic activities.
Large state-owned commercial banks and joint-stock commercial banks dominate Chinese bank card market. The market share of the four major state-owned commercial banks of China was over 40% in Chinese new card issue market in 2009.
Co-branded card issue has become the mainstream strategy considering the card issue conditions of banks. The growth in the number of card issuers intensifies the competition in Chinese bank card market. Under the circumstances, it is an important market strategy for card issuers to search for cooperative partners, fully integrate the superior resources of cooperators, promote co-branded cards with the assistance of cooperators, and attract and keep clients by offering various preferential measures.
At the end of 2006, the Regulation of the Peoples Republic of China on the Administration of Foreign-funded Banks was issued and came into effect, marking the opening of the CNY business to foreign-funded banks. Solely foreign funded banks, Sino-foreign joint venture banks and branches of foreign banks in China can operate the CNY businesses specified by the Regulation. Particularly, the locally-registered foreign-funded banks are encouraged by Chinese policies. According to the Article 29 and Article 31 of the Regulation, foreign-funded banks (including solely foreign funded banks and Sino-foreign joint venture banks) registered locally can operate the bank card business, but branches of foreign banks are prevented from dealing with this business. In the CNY retail business, solely foreign-funded banks, Sino-foreign joint ventures and branches of foreign banks can all take public deposits. However [link widoczny dla zalogowanych], the branches of foreign banks can only take the deposit of over CNY 1 million, while there is no restriction of deposit amount on solely foreign-funded banks and Sino-foreign joint ventures.
Moreover, according to the Regulation, when foreign banks are transformed into the locally-registered banks, they can issue CNY credit cards in China. Presently, a number of foreign-funded banks have issued various debit cards in China. In the past few years, the Bank of East Asia has even released several types of credit cards.
The opening to foreign-funded banks enables them to operate bank card business in China. This will definitely lead to some changes in Chinese bank card business environment and intensify the competition in Chinese bank card sector. Nevertheless, the competition will prompt Chinese banks to absorb the successful experience of foreign-funded banks in bank card business, thereby promoting the development of Chinese bank card business and bringing convenience to Chinese residents in their finance activities.
Through this report [link widoczny dla zalogowanych], readers can acquire more information:
-Status quo of Chinese bank card market
-Economic situation for Chinese bank card industry
-Governmental policies on Chinese bank card industry
-Major Chinese bank card issuers and their operation
-Competition in Chinese bank card market
-Development trend of bank card in China
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