China Merchants Bank (CMB), China's largest credit card issuer, says it expects its total number of credit cards in issue to reach 15 million by the end of 2007. That's up from 10 million credit cards in issue at the end of 2006 for the bank, which entered the Chinese credit card market five years ago.

CMB chief executive Ma Weihua says CMB earned 100 million Yuan (US$12.9 million) from its credit card business in 2006.

CMB says it has around a third of the Chinese credit card market. Recent CMB credit card launches include a co-branded card with Japan's JCB and a MasterCard issued with China Southern Airlines.  The Chinese credit card market is still embryonic, with cards mostly being used in large cities. However, domestic and foreign banks are rushing to launch credit cards in China.

In November 2006, Wal-Mart announced plans to launch a credit card in China in association with GE Money and Shenzhen Development Bank. Both Citigroup and HSBC have applied for final approval to incorporate in Shanghai. Incorporation will allow the two foreign banks to offer a range of retail banking services in China, including ATM cards and credit cards.

It is estimated that in 2005 there were 12 million credit cards in issue in China, up from three million in 2003.