Electronic technology boosts China's banking system
( 2003-11-18 22:11) (Xinhua)
China's banking system has
seen rapid progress since China launched a project 10 years ago to promote use
of credit cards.
Zhang Qi, director of electronic and information products division of the
Ministry of Information Industry (MII), spoke at a ceremony on Tuesday marking
the 10th anniversary of the project, adding that the project has boosted the
nation-wide banking business and service, the application of IC technology and
the electronic and information industry.
She said China first issued credit cards in 1986, and by the end of 1993,
there were only four million cards issued by state- owned commercial banks.
However, by the end of this June, China had issued 569 million bank cards with
deposits totaling 994.1 billion yuan (120 billion US dollars) through 91
financial institutes. About 200,000 Chinese shops, restaurants and hotels accept
In the meantime, electronic card technology is used in various sectors
including finance, trade, transportation, medical treatment and customs. By the
end of this June, China had issued 130 million IC cards.