Research Notes
Jul 06
China Merchants Bank and China CITIC Bank are developing their credit card businesses to stimulate retail income.
China Merchants Bank and China CITIC Bank are developing their credit card businesses to stimulate retail income.
The People's Bank of China has established an integrated system to connect banks, merchants, and retailers to facilitate increased transactions, which grew 74.5% to $913.5 trillion in 2015. With growing consumer spending, financial institutions in China have to step up to meet the needs of retail clients.