Nine Chinese commercial banks in Shanghai are authorized to issue IC (integrated circuit) cards.

According to Wu Xiaoling, director of the Shanghai Branch of the People's Bank of China, local branches of major commercial banks, including the Industrial and Commercial Bank of China, the Agricultural Bank of China, the China Construction Bank, the Communication Bank of China, the Citic Bank of China, the Everbright Bank of China, the Fujian Xingye Bank and the Shanghai Postal Bank, will officially issue IC cards in December 1999.

Experts say that the new card will help promote electronic applications in China's banking and payment systems.

The IC card project is part of the government's effort to promote local information networks and standardize IC card usage, the experts adds. The People's Bank of China will also introduce special regulations to ensure that IC cards are compatible with other bankcards.