November 25, 2009
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News: Optimistic Outlook for China's CC Market
A new market research report is available to interested parties in the China credit card industry. The report which is being released by RNCOS, a market research consulting services company that specializes in BioPharma, IT & TELECOM, Retail and Services industries is titled China Credit Card Market Outlook to 2013. The Chinese's card market has experienced tremendous growth in recent years. At the end of 2008, China had 142 million cards in circulation; a 58 percent increased from the previous year. The report utilized extensive research and reliable statistics to examine China's credit card market. It gives a logical explanation on current market trends and industrial developments. The report is written with clear terminology so that consumers can easily understand the market structure.
The recession has affected nearly every nation on the globe as well as China. The economic downturn and high card defaults have contributed to a difficult credit card market and has limited the number of new accounts opened over the past year. The new credit card market in China report looks at the impact that the recession had on the industry. Results indicate that 2009 will end on a difficult note for China's card industry, however, the report forecasts that the industry's future is very promising. It is predicted that when China's economic state improves, the country's card market will realize double digit increases during the upcoming years.
The China Credit Card Market Outlook to 2013 report is expects China will experience a compound annual growth rate (CAGR) of nearly 26 percent between 2010 and 2013. An aggressive forecast comes from China's rapidly growing middle class, government support, and a low penetration of cards. It is also expected that China will see more foreign banks enter the card market. Currently, the country is dominated by state-owned financial institutions including Commercial Bank of China, China Merchants Banks, and China Construction Bank. The introduction of foreign banks will most likely serve to increase competition and intensify the market.