Since the 18th National Congress of the CPC, with rising income and transforming mode of economic growth, consumption has played an increasingly important role in driving economic growth. According to statistics, since 2012, consumption with ICBC credit cards alone reached RMB 11 trillion. The consumption in the first half this year was RMB 1,136.1 billion, nearly doubled compared with the same period five years ago. The healthy development of credit card business not only released enormous consumption potential, but injected lasting energy into the stable growth of economy.

Over the past five years, given the trend of diversified and individualized consumption, ICBC has dug into the consumer market and improved its credit card service by innovating product, technology and service. As at the end of this June, nearly 130 million ICBC credit cards were issued, up by 75% than five years ago, making the Bank the largest card issuer in the world. As citizen income continued to increase, the consumption structure was improved, shifting consumer attention from cost effect to high quality and from tangible goods to service consumption. ICBC creatively launched a series of new credit card products that met customers’ individualized and diversified demands.

China’s consumer market has strong upside and enormous potential. Consumer concerns should be addressed, enabling them with ability and will to to consume. ICBC innovatively launched ICBC e-Loan, a guarantee-free, mortgage-free and purely credit-based personal credit consumer loan, which is fully processed online and supports real-time inquiry of credit line and real-time transfer. A its interest rate is lower than other products with longer term, it provides convenience and inclusive benefit. As at the end of June 2017, over 111 million users were qualified to apply for the loan and the credit line reached RMB 5.4 trillion, with RMB 62.4 billion loans granted. It has boosted consumption and translated consumption potential into consumption reality as well as new stimulus for the real economy.

In addition, ICBC has continued to improve consumption environment by innovating payment scenarios. It has established the mobile credit card product line based on HCE Quick Payment, ApplePay, Samsung Pay, Huawei Pay and Mi Pay to improve frequency and experience of consumption. On the other hand, it launched the first scanning payment product ICBC QR Code Pay in the banking industry, covering all payment scenarios both online and offline, including O2O. In sectors such as catering, shopping, travel, education and traffic, it has set up a stable, safe, efficient and convenient payment network, not only covering the main artery such as hotels, shopping malls and large marketplaces, but extending to the capillary such as convenience stores, gift shops and cafes. The Bank has helped improve the blood supply for the real economy,and benefit people’s life.