To accelerate the development of China's debit card industry, the People's Bank of China unveiled plans to expand China's electronic payment system in order to increase debit card usage and connect 60% of merchants with more than US$120,000 in annual sales and raise the share of bank card payments in retail sales to 30% from last year's 5% by 2008, state media reported. The PBOC also issued a circular calling for legislation, increased government support and technology upgrades to facilitate debit card usage, which the bank said would would help reduce transaction costs, raise consumption, increase tax revenues and help anti-money-laundering efforts.
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