Writer: adminsp
Translator: adminsp
June 26, 2007 14:45 Beijing Time
http://www.washingtonpost.com/wp-dyn/content/article/2007/06/25/AR2007062501762.html Because credit cards in China have low limits and few stores take them, they are more popular as fashion statements than financial tools. [AP]BEIJING -- When Wang Xiaoyu set out to buy some sleek Lincoln automobiles for the small company he owns, the problem was how to pay. No dealer in China takes personal checks. Credit card limits are too low. Car loans barely exist.So he brought cash, more than $200,000 worth of it, in three rolling suitcases."Everything else is a lot of trouble -- just easier to use cash," said Wang, 29, who runs a consulting company that helps Chinese businesses find foreign partners.China's state-owned banks rank among the highest-valued in the world, with stock market capitalizations in the billions of dollars, but they are widely considered the weakest part of the country's booming economy.Although China has made strides in refor...
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