China opens door to foreign credit cards

China has opened the door to international banking giants Citibank and HSBC to enter the country's fast-growing credit card business.

HSBC launched today a co-branded credit card with the Bank of Shanghai, in which it holds a 8% stake while Citibank said it expects to start issuing cards with Shanghai Pudong Development Bank, in which it holds a 4.62%, within the next few weeks.