Fifteen of Shanghai's commercial banks now have access to a consumer credit information system, paving the road for the introduction of 'real' consumer credit cards in China.
Shanghai Credit Information Services CIS set up the Consumer Credit Database System CCDS in response to the growing demand for consumer credit facilities in China. The lack of a database until now has prevented the establishment of a true credit card facility. The 1.18 million 'credit' cards in circulation in Shanghai are effectively only debit cards with an overdraft facility.
They the Chinese banks call them credit cards, but you need to deposit money in the account before you can use it, explains Raymond Yu, senior...
