What happened
Central bank data shows that by the end of Q2, China had 677 million credit and loan cards, down from 687 million at the end of Q1, meaning about 10 million cards disappeared in the quarter.
The Ministry of Commerce reported that in the first half of 2026, residents' digital consumption reached 13.3 trillion yuan, up 4.1% year-on-year, with digital services like micro-dramas and VR parks growing 7.0%.
Six government departments issued a plan to promote high-quality development of historical classic industries, aiming to cultivate 50 large enterprises and 100 famous consumer brands by 2028.
Why it matters
The sharp decline in credit cards signals a strategic shift by banks from mass issuance to targeted acquisition of quality customers, reflecting a broader trend of risk control and profitability focus.
The growth in digital consumption highlights the increasing role of AI and digital products in driving economic activity, even as traditional sectors face adjustments.
The push for historical classic industries indicates a policy effort to blend cultural heritage with modern consumer markets, potentially creating new growth poles.
Key facts
Credit and loan cards totaled 6.77 billion at Q2 end, down from 6.87 billion in Q1.
Digital consumption in H1 2026 reached 13.3 trillion yuan, up 4.1% year-on-year.
Six departments aim to cultivate 50 billion-scale enterprises and 100 famous brands by 2028.
What to watch next
Watch for further monthly data on credit card trends to see if the decline accelerates or stabilizes.
Monitor how digital consumption evolves, especially in AI-related services and products.
Observe implementation details of the historical classic industry plan and its impact on local economies.