Update on Bank Cards in China
Dow Jones Newswires reports on a discussion about bank cards in China with with Willie Fung, senior vice president of MasterCard International.
In a nation of 1.3 billion people, only 100 million Chinese have a clear idea of what a bank card is, based on a Mastercard survey focusing on China's emerging middle-class household conducted in May, said Fung. But by 2010, the number of Chinese middle-class households with annual income above US$5,000 will rise to 150 million from 65 million currently, based on MasterCard data.
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