More than 700 million Chinese people use bank cards. At the end of 2010, there were 2.6 billion bank cards in circulation.
The company is called Union Pay Co. and its President Xu Luode told a Shanghai financial forum that in 2011 credit card overdrafts would rise to 600 billion yuan (US$93 billion), up from last year’s 400 billion yuan figure.
But everything will be fine, we’re sure.
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