This is the Chinese Bubble in a graph from the FT, this morning:
I found this quote interesting too:
China has a staggering 4.2bn bank cards in circulation, enough for every mainlander to have at least three.
Ten times more of them are debit cards than credit cards (3.8bn compared with 391m), but credit card issuance also rose by 19 per cent in 2013, and Euromonitor predicts credit card usage will grow faster than that of other cards over the next five years.
Anybody reading that quote or looking at the graph above would arrive at the conclusion that there are now three credit cards for every Chinese mainlander.
That is an undeniable fact.
I defy you to conclude otherwise. The logic is simple yet compelling:
Debit cards are bank cards.
Credit cards are bank cards.
Therefore all debit cards are credit cards.
That is basic logic and only a neoliberal would argue otherwise.