China's banking system has seen rapid progress since China launched a project 10 years ago to promote use of credit cards.

Zhang Qi, director of electronic and information products division of the Ministry of Information Industry (MII), spoke at a ceremony on Tuesday marking the 10th anniversary of the project, adding that the project has boosted the nation-wide banking business and service, the application of IC technology and the electronic and information industry.

She said China first issued credit cards in 1986, and by the end of 1993, there were only four million cards issued by state-owned commercial banks. However, by the end of this June, China had issued 569 million bankcards with deposits totaling 994.1 billion yuan (US$120 billion) through 91 financial institutes. About 200,000 Chinese shops, restaurants and hotels accept credit cards.

In the meantime, electronic card technology is used in various sectors including finance, trade, transportation, medical treatment and customs. By the end of this June, China had issued 130 million IC cards.

(Xinhua News Agency November 19, 2003)