China had issued more than 760 million RMB bank cards by the end of last year.

    China had issued more than 760 million RMB bank cards by the end of last year.

    China's central bank, the People's Bank of China, says that card based expenditure accounted for around 5% of total retail consumption in 2004, as compared to only 2% back in 2001.

    In Beijing and Shanghai, the figure had climbed to a significant 20 percent.

    China has also expanded the overseas use of RMB bank cards, which were useable in Singapore, South Korea and Thailand as of last month.