According to a recent survey by ACNielsen, the credit card
(standard and quasi credit card) markets in?Beijing, Shanghai and Guangzhou are
developing quickly. Card penetration has increased from 18 percent
in 2003 to 22 percent this year. China is changing from a cash
payment society to one that depends on plastic.
ACNielsen conducted a telephone survey of more than 2,700 people
between the ages of 18 and 54 in the three cities to study the
attitudes of different consumer groups toward important personal
financial products, such as banks, credit cards, loans, life
insurance and personal investments.
Respondents between the ages of 25 and 34 had the highest credit
card possession rate, with the number of people with one or more
credit cards reaching 35 percent. Beijing has the highest
penetration rate in this the age group, with about 39 percent
possessing at least one card.
Among the many credit cards issued by Chinese and overseas
banks, Industrial and
Commercial Bank of China's (ICBC's) Peony Card is the most
popular, with a possession rate of 13 percent. China
Construction Bank's Long Card and Bank of
China's Great Wall Card follow, with possession rates of 9
percent and 6 percent, respectively.
(People's Daily August 10, 2004)