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Chinese banks have issued 1.1 billion bank cards, which accounted for almost a fifth of last year's retail sales, according to a report.

 

A report from the People's Bank of China, the central bank, on Wednesday said the figure included 1.08 billion debit cards and 50 million credit cards.

 

China's bank card payment system had basically taken shape, with the bank card market rapidly expanding and an increasing number of people paying by card, said Su Ning, vice governor of the central bank.

 

About 1.89 trillion yuan (US$242.3 billion) was paid by card in China in 2006, up 97 percent from the previous year.

 

The figure accounted for 17 percent of last year's retail sales of consumer goods -- excluding bulk and real estate trade -- and 30 percent of sales in big cities like Beijing, Shanghai, Guangzhou and Shenzhen.

 

To help migrant workers to deposit and withdraw money in different places, the central bank has extended the band card payment network to rural areas in 13 provinces, including Guizhou, Shandong, Fujian and Jiansu.

 

(Xinhua News Agency April 19, 2007)