“Visa Inc and Mastercard Inc welcome China’s plans to open up its market for clearing domestic bank card transactions, as they stand to gain access to a growing market worth more than $1 trillion a year. While China lags behind countries such as the United States in spending on credit, habits are changing fast and the Chinese are increasingly swiping plastic to satisfy their growing appetite for consumer goods. The State Council, China’s cabinet, said on Wednesday after a weekly meeting that foreign firms that meet its criteria could set up their own clearing companies. It did not provide details. Household debt in China amounted to just 37% of GDP at the end of July, compared with 81% in the U.S.”
http://www.reuters.com/article/2014/10/30/china-banks-clearing-idUSL4N0SO8PM20141030
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