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Japanese Company to Issue Credit Cards in China

The Japanese JCB International Company is scheduled to issue credit cards in China, said Isao Nakanishi, chairman and chief executive officer of the largest credit card company in Japan in Beijing on Tuesday.

Under the guidance of the People's Bank of China, JCB plans to grant card-issuing licenses to some Chinese commercial banks including Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and Bank of Communications, he said.

With the improvement of the Chinese people's life, their spending habits are changing dramatically, he said. "More Chinese will include credit cards in their life."

After China's entry into the World Trade Organization, global companies issuing credit cards are faced with the "best opportunities" in China, he said.

Isao Nakanishi expressed his hope of expanding cooperation with Chinese financial organizations for issuing credit cards.

JCB issues credit cards in 18 countries and regions, with 38.08 million card-holders. The JCB card is accepted in 167 countries and regions.

(Xinhua News Agency January 29, 2002)

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