The Zhejiang Rural Credit Union becomes the first rural credit union (RCU) of its kind to obtain a credit card business license from the China Banking Regulatory Commission. The CBRC’s initiative aims to advance rural financial innovations and further improve the agriculture-supporting functions of the RCUs and rural cooperative banks.

By the end of September 2007, the RCUs in 24 provinces have already launched bank card business, issuing a total number of 645.7 billion cards, accounting for 5% of cards issued by all banking institutions in China. However the RCUs were only allowed to issue debt cards before. The Zhejiang RCU has launched its Fengshou credit card recently.

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