Xin Lang Cai Jing·2026-01-20 10:37Core Insights - The leadership of China Merchants Bank's Credit Card Center has changed, with Liu Jialong retiring and Li Mingdong set to take over pending regulatory approval [1][2] Group 1: Leadership Transition - Liu Jialong, a veteran with 30 years at China Merchants Bank, has served multiple terms as the head of the Credit Card Center and has been instrumental in the development of the bank's credit card business [1][4] - Li Mingdong, the incoming general manager, has extensive experience in retail finance and wealth management, having held various senior positions within the bank [1][5] Group 2: Credit Card Business Development - Under Liu Jialong's leadership, the bank's credit card business has been at the forefront of industry innovation, particularly in digital transformation, including the launch of the first mobile app in the industry and the introduction of smart customer service platforms [4] - The bank's credit card issuance has seen significant growth, with over 1 billion cards issued by the end of 2017, although the industry is now facing a decline, with the total number of credit cards in China dropping from 8.07 billion in September 2022 to 7.07 billion in September 2025 [5][6] Group 3: Industry Challenges - The credit card industry is undergoing a transformation from rapid growth to a focus on high-quality development, facing challenges such as risk management, declining consumer spending, and narrowing interest margins [6] - As of September 2025, the bank reported a credit card transaction volume of 20,209.60 billion yuan, a year-on-year decrease of 8.54%, and a decline in both interest and non-interest income [6] - The bank's non-performing loan ratio for credit cards was reported at 1.74% as of September last year, a slight decrease from 1.75% at the end of 2024 [7]