Photo: CFP
Credit Cards Left in the Cold
Markets, page 9
The number of new applications for credit cards has declined in China since early this year. In recent years, Chinese banks have been promoting credit card packages for fresh or soon-to-be graduates. But the banks' enthusiasm has been sapped as the economy slowed and employment concerns picked up. While banks became more prudent in issuing credit cards for fear of defaulted overdraft, consumers too grew cautious and spent less with credit cards.
Original article: [Chinese]