CRI听力：China's Credit Industry

30 years ago here in China the first steps toward reform and opening up were being undertaken, pointing this country in the direction of a market economy. And over the years, slowly but surely, people across this vast nation began to accumulate wealth. But even during that process, the idea of using credit to pay for goods and services remained a foreign concept. It wasn't until about a decade or so ago that the idea of establishing a line of credit through the banks really began to take off. Today, there are over 100 million credit cards in circulation across China, and the number continues to grow steadily. So what is driving this relatively new found popularity in credit here in China? How strong is the credit market in this country? And who are the people that are more and more looking to make purchases on credit?

Ni hao, you're listening to our National Week holiday series of  People In the Know, online at crienglish.com here on China Radio International. In this installment of our series we'll take a look at the credit industry here in China. So let's get started.

(Music)

First we'll talk to one of the bigger banks here in China for some of the numbers behind China's credit industry. Mr. Chen Dapeng, General Manager of China Minsheng Bank's Marketing Department.

(Dialogue with Chen)

And after a short break, we’ll talk to a financial expert in Hong Kong.

(Promo)

Ni hao, you’re listening to our National Week holiday series on  People In the Know, online at crienglish.com here on China Radio International. I’m Paul James in Beijing. In this installment of our series we’re exploring the growing credit industry here in China. For more on this we’re joined on the line by Dr. Tang Yongjun, Assistant Professor of Finance at the School of Economics and Finance & School of Business at the University of Hong Kong.

(Dialogue with Tang)

And with that we close out this edition of  People In the Know, online at crienglish.com here on China Radio International. It’s always a nice feeling to have physical money in your hand. But when that cash is not available, it’s also a nice feeling to know that there is credit available to fall back on. Questions or comments for us can be sent to people@cri.com.cn. For Executive Director Zhao Yang and Producers Xu Yang and Chen Mo, I’m Paul James in Beijing. Enjoy the day.