(CRI English)
Updated: 2007-09-12 14:06

"It's just a beginning. I think there's a huge potential going forward." That's how a senior management with American Express describes the credit card market in China.

The world's largest independent credit card issuer has recently cooperated with China CITIC Bank. They together launched their first card product in Beijing on Monday.

China's central bank unveils that the number of credit cards issued in the country has been increasing at an average growth rate of 1 million per month in the first quarter of this year.

Based on a record of nearly 50 million by the end of last year, this growing pace, however, doesn't surprise Dave Keung, the vice president of American Express Greater China.

"There are 1.2 billion bank cards issued in China. So, over 50 million credit cards only represent less than 5 percent of the whole bank card industry."

Dave Keung says this indicates there's still a lot of market potential to grow.

"We can see that banks and issuers are now focusing on issuing credit cards, which can bring more benefits and convenience to the local Chinese consumers."

Meanwhile, due to lack of experience in over-all management, Dave Keung says many Chinese banks have cooperated with their overseas counterparts.

The newly-unveiled CITIC American Express card can be an example. vice president of China CITIC Bank, Cao Tong says through collaboration with American Express, their bank can introduce in advanced management and operation flow.

"Besides, we can also enhance CITIC Bank credit cards' influence in the high-end market. Thus, more high-level consumers will be attracted. And at the same time, our brand image can be better established."

For his part, Regional President of American Express' Global Network Services, Japan, Asia Pacific and Australia, Kula Kulendran says the launch of the new card demonstrates their long term commitment to China's credit card market.

And he also talks about their future plan.

"We'll continue to contribute to the development of the card industry and offer Chinese consumers and merchants a broader choice of innovative and value added products and services."