The China Banking and Insurance Regulatory Commission and the people's Bank of China recently formulated the "notice on further promoting the standardized and healthy development of credit card business" (hereinafter referred to as the "notice"). The notice requires banking financial institutions to indicate the terms of charging interest, compound interest, fees, liquidated damages, etc. when entering into credit card contracts with customers, show customers the highest annualized interest rate level in an obvious way, and continue to take effective measures to reduce customers' interest and fee burden, and actively promote the reasonable decline of credit card interest and fee level. For the installment business of credit cards, the notice requires banking financial institutions to clarify the minimum starting amount and the maximum amount, and the installment business period shall not exceed 5 years. The use cost of installment business funds shall be uniformly displayed in the form of interest, and excessive use of installments shall not be induced to increase customer interest fees. For the co branded card business, the notice prohibits banking financial institutions from directly or in disguised form performing the duties of credit card business on behalf of CO branded units. (reporter ouyangjie) (Xinhua News Agency)