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Citigroup To Issue Credit Cards In China


And let's move now, from paper promises, now, to plastic. That's our last word in business.


Citigroup says it has become the first Western bank with permission to issue credit cards under its own brand in China. Until now, China required western banks to co-brand with Chinese operators.

INSKEEP: Now Citi can sell its own plastic, just as credit cards become more popular. Rising incomes are boosting consumer spending. Citi executives called this development a significant milestone, which gives them an edge, they say, in the world's second largest economy.

MONTAGNE: And while they do not yet have political rights, Chinese consumers do have the right, now, to use a slice of their income paying interest charges and fees.

And that's the business news on MORNING EDITION from NPR News. I'm Renee Montagne

INSKEEP: And I'm Steve Inskeep. Transcript provided by NPR, Copyright NPR.