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New credit card regulation to be released soon

By Li Zengxin (chinadaily.com.cn)
Updated: 2006-12-07 08:49

Related publication: Related readings: Tourism fuels credit card industry growth Bank card spending hits record high over National Day Insurance, bankcard ease farmers' financial woes

The central bank will soon issue a new credit card regulation which stipulates more severe punishment for illegal cash withdrawal, extends the upper limit of credit and allows foreign banks to issue credit cards, according to sources from the relevant authorities.

At the recent Credit Card Risk Summit Forum, Xu Luode, chief of the Payment System Department of the People's Bank of China, said that the related parties have reached a consensus on a draft of the Bank Card Administrative Provisions, which will be submitted to the State Council for legislative approval.

People at China UnionPay headquarters said UnionPay is also hoping for sooner release of the regulation. Professional and public comment on the draft have been sought for three years. If passed this year, it will greatly contribute to a better regulated bank card market.

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The full text is available in the December Issue ofChina Banking.