Shanghai Issues Credit Cards for "White Collars"

The Bank of China began earlier this week to issue credit cards to the 23,000 managing staffs in Shanghai-based foreign-funded enterprises, in a fresh move to expand its credit card business.

The white-collar workers of foreign-funded firms are a group of high-income people whose stable high-level consumption has attracted the attention of financial institutions, according to Wang Zheng, vice-president of the Bank of China's Shanghai Branch.

For the initial stage, Wang's bank has selected 25 from Shanghai's more than 2,000 shopping centers, restaurants, beauty saloons, gymnasiums and insurance companies to provide services to the card owners.

The number of the designated service providers will increase and the scope of services will expand gradually after experiments of the credit card business in a certain period of time, Wang said.

People's Daily Online --- http://www.peopledaily.com.cn/english/