According to a latest survey by ACNielsen, credit card (standard credit card and quasi credit card) markets in Beijing, Shanghai and Guangzhou develop quickly.

Credit card penetration rate has increased from 18 percent in 2003 to 22 percent this year. China is changing from "cash payment era" to "credit card era".

ACNielsen conducted a telephone survey on more than 2,700 people between 18 and 54 in Beijing, Shanghai and Guangzhou in order to study the attitude of China's different consumer groups on main personal financial products such as personal bank, credit card, personal loan, life insurance and personal investment and how they are used. This way the growth opportunity of personal financial market could be explored and reflected.

An analysis by age group shows that consumer group between 25 and 34 have the highest credit card possession rate, with persons who have one or more credit cards reaching 35 percent. Of the three cities Beijing has the highest penetration rate among the age group, about 39 percent people have at least one credit card.

Among the many credit cards issued by Chinese and overseas banks, ICBC's (Industrial and Commercial Bank of China) Peony Card is the most popular, which enjoys a possession rate of 13 percent. CCB's (China Construction Bank) Long Card and BOC's (Bank of China) Great Wall Card follow it with possession rates of 9 percent and 6 percent respectively.

(China Daily August 9, 2004)