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THE POWER OF THE CHINESE CREDIT CARD
If you think that lack of financing is the only thing holding China back from consuming, consuming, consuming like we Westerners do, then prepare for a shock, as from atimes.com we get the report that “China’s Shoppers Stock Up On Cards” by Catherine Jiang.
She writes, “Chinese consumers, until now recognized as among the world’s most determined savers, are adding credit cards to their wallets in record numbers, with the number of such cards in circulation almost doubled in the first quarter from a year earlier.”
I am looking at my calculator and wondering if I want to spend the rest of…
22Jul2008 | Daily Reckoning | Comments Off | Continued
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