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China Leaving No Stone Unturned to Develop Credit Card Market
RNCOS says in its new report, "Global Credit Card Industry - Emerging Markets", with rapidly expanding middle class base, growing consumer spending and government support, total number of credit cards in China will grow at a CAGR of about 35% between 2008 and 2012.
As per the report, the Chinese government is playing a key role in the development of its credit card market. The government targets 30% of retail sales to be made through credit and debit cards in big cities by 2009 from 10% at the end of 2005. Encouraging the use of bank cards will help authorities to track merchants' business transactions and tax payments while reducing the chances for money laundering.
Moreover, in 2007, the government allowed foreign banks to open subsidiaries in the country to issue credit cards. It also removed regional restrictions and other limits on foreign-funded banks, giving them the same treatment as given to Chinese banks. The government will encourage and guide foreign banks to set up incorporated banks registered in China, which will enjoy the benefits of the country's banking sector. Foreign banks with Chinese corporate status can issue local currency credit cards.
The Chinese market has the potential to grow at a much higher rate than expected (35%). But ongoing global financial turmoil will hit the market sentiment. So, banks and card issuers will be hesitant of issuing new credit cards because of increasing probability of non-performing loans.
"Global Credit Card Industry - Emerging Markets" provides a comprehensive research and prudent analysis on the emerging card markets like China. This extensive research will help the clients to identify the market trends and evaluate the leadin g-edge opportunities critical to the success of the emerging credit card markets. It gives an overview on the various factors driving the market, together with the forces that are blocking the growth of the industry.
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