Move over fast food: American credit cards land in China
By Megg Mueller
"Made in China" just took on a new twist, at least for one American bank. Citibank has just been given the green light to issue credit cards in the notoriously restrictive country, a coup that makes Citi the first Western bank allowed into China's rapidly growing banking market.
China joined the World Trade Organization in 2001, but it has been very slow to warm to foreign financial institutions on its home turf. While foreign banks have been allowed to partner with Chinese banks and issue co-branded credit cards, the Citibank deal marks the first time the Asian nation is letting a non-Chinese company fly solo.