There are nine billion credit cards in Beijing

This is the Chinese Bubble in a graph from the FT, this morning:

Screen shot 2014-02-28 at 08.49.55

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.

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5 thoughts on “There are nine billion credit cards in Beijing

  1. Superb post however I was wondering if you could write a litte more
    on this topic? I’d be very thankful if you could elaborate a little bit further.
    Cheers!

  2. I don’t understand the Neo Lib position. The difference between the Debit Card and a Credit Card is the time between spending the money and it becoming due for payment. On some cards there is 30 days, on others 5 minutes. Both give credit. You are absolutely right not to back down on this one.

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