In China only prime consumers have credit cards with just 21% of the population carrying one; the delinquency rate on these credit cards is just 1%; consumer credit is more readily available from online lenders where rates are often much higher than they are for credit cards; the credit scoring system in China is getting better and with the ability to package credit card receivables into asset backed securities there is demand on the capital markets side; but banks in China are notoriously risk averse and have yet to expand their credit card offerings. Source.
