Teaching Comparative Government and Politics

Wednesday, March 27, 2019

Into the modern world of finance

If we needed another sign that China is changing, here's one from the People's Bank of China (PBOC).

Chinese own nearly 7.6 billion bank cards
On average, Chinese people had more than five bank cards at the end of last year as more people in the world's second-largest economy turn to non-cash transactions, according to a report from the central bank.

The People's Bank of China (PBOC) said in a report on the country's banking payment service that bank cards in use totaled 7.60 billion at the end of 2018, up 13.51 percent year on year.

Last year, a total of 220.31 billion transactions worth 3,768.67 trillion yuan (about 562 trillion U.S. dollars [a yuan is valued at about 15 U.S. cents]) were made through non-cash payment instruments such as commercial bills and bank cards, according to the PBOC report.

Among the bank cards in use, the number of debit cards rose 13.2 percent year-on-year to reach 6.91 billion.

PBOC data shows spending per card reached 12,200 yuan [$1830] on average, up 19.06 percent from a year earlier.

Further, credit card loans that were more than six months overdue hit 78.86 billion yuan [$1,183 trillion] at the end of last year, accounting for 1.16 percent of the total outstanding credit loans.

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