一部信用卡「奠基」法规的26年谢幕

Core Viewpoint - The article discusses the significant evolution and eventual retirement of the foundational regulatory document for the credit card industry in China, the "Regulations on the Administration of Bank Card Business," which has shaped the industry for 26 years and is now being replaced as the market transitions to a new phase [4][22]. Group 1: Historical Context - The credit card industry in China began in 1985 with the issuance of the first RMB credit card by the Bank of China Zhuhai Branch [5]. - For over a decade, the industry faced stagnation due to a lack of focus on personal loan services and stringent regulations that limited growth [6][10]. - The introduction of the "Regulations on the Administration of Bank Card Business" in 1996 marked a turning point, providing a framework for credit card operations, although it imposed strict conditions that hindered development [6][13]. Group 2: Regulatory Evolution - The 1999 regulations redefined credit cards, allowing for greater flexibility in usage and aligning them more closely with international standards [13][14]. - Subsequent regulations aimed to enhance risk management and consumer protection, reflecting the industry's rapid growth and the emergence of new risks [17][18]. - By 2021, the People's Bank of China fully liberalized credit card overdraft interest rates, indicating a shift towards a more market-driven approach [21]. Group 3: Current Challenges - The credit card industry is now facing a "stock era," characterized by a significant decline in new card issuance, with a reduction of 86 million cards from the peak in Q3 2022 to Q1 2025 [26]. - New regulations introduced in 2022 aim to address issues such as the high proportion of inactive cards and the need for stricter credit limits, signaling a major restructuring of the industry [24][25]. - The article raises philosophical questions about the identity and future of the credit card industry as it undergoes significant transformation [28][29].