CHINA OPENS ITS DOORS TO FOREIGN ISSUERS

Foreign companies have poured half a trillion dollars into China over the past decade, helping to fuel an economic boom and create a growing middle class. Now Western issuers are moving to introduce their credit cards to these often young and well educated consumers, especially in booming cities like Shanghai and Guangzhou.

American Express Co., Citigroup Inc. and HSBC Holdings Plc now have permission for the first time in China to offer revolving credit. (Revolving credit cards allow consumers to put off paying their entire bill in return for interest on the balance owed.)

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