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)