[DB view] It is worth noting that China banks especially joint stock banks (JSBs)reported faster growth in the credit card business. With receivable acceleratingto 43% yoy and fees up 51% yoy, credit card revenue has contributed 20% ofJSB’s revenue in 1H17(2016: 16%). This partly explains the recent surge inChina’s short-term consumer debt, which is now growing at 34-35% yoy. Thestronger credit card business should boost banks’ revenue in the near term,but it is unlikely to fully offset the deleveraging pressure faced by JSBs, andthe asset quality and growth sustainability will be tested in coming years. (Seeour report: China’s consumer debt boom and China's credit card boom?)

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