875 million bank cards issued in China
Chinese banks have issued 875 mil. cards by June, 2005 and the on-line payment system in China has joined the global payment network.
The gross transaction volume for the 1st half 2005 is 24.06 trillion yuan (about 0,24 tril. Euro) and if you view only the economically developed areas as Shanghai, Guangzhou, Shenzhen and Beijing not too far from us.
Paul comments on this report:
"Having been watching this market for 20 years, I often tell clients that there is one mistake I have repeated more often than most: that is underestimating the speed at which things change in China. If you find yourself saying "it will be years before xxx happens...", beware. Six months later, you'll probably find it going on all over the streets of Shanghai and Shenzhen."
I can't agree more, defining a target, employing the means and getting there at a blink, is something Chinese leader and people 'teach' us everyday! Watch out! Or you might be out!