The "Golden Card" project is one of the eight projects that were initiated by the Chinese government to develop electronic information systems. The other projects were the State's Public Economic and Information Telecommunications Project (Golden Bridge), the Foreign Trade Information Resource Network (Golden Customs), the Electronic Currency and Modern Payment System (Golden Card), the Taxation and Electronic System (Golden Taxation), the Industrial Production and Circulation Information System (Golden Enterprises), the Agricultural Comprehensive Management and Service Information System (Golden Agriculture), China Education and Scientific Research Computer Network and Talent Project (Golden Intellectual), and finally, the National Economic Macro-Policymaking Support System (Golden Policy).
Liaoning Province, Dalian City, Beijing City, Tianjin City, Shandong Province, Qindao City, Jiangsu Province, Shanghai City, Hangzhou City, Xiamen City, Guangdong Province, and Hainan Province.
"Online" means the equipment that reads the magnetic-strip card is directly linked to the processing bank or clearinghouse computer.
Credit risk refers to risk, faced by the creditor, of the inability of debtor to generate enough returns to cover all expenditures and to continue running the business profitably. Credit risk can arise as a result of costly financial sourcing to discharge pressing payment obligations (Borio & Bergh, 1993).
Transactions recorded by the agent or merchant and processed in a batch at the end of the day; no call is made with each card payment transaction.
The number of smart cards issued in the late-1990s was about 3% of the total bankcards issued by the banks in China (Liu, 1999). The adoption of smart card is comparatively more pervasive in the Chinese telecommunications and transportation industries than in the banking industry. The ratio of smart cards in circulation in the banking industry, the telecommunication industry and the transportation industry is 10:40:50 (Dan, 1999).
Beijing, Shanghai, Tianjin, Guangdong province, Shandong province, Jiangsu province, Shenzhen Special Economic Zone, Fuzhou, Hangzhou, Shenyang, Wuhan, Kunming, Dalian, Xiamen, Qingdao and Haikou.