Hangzhou announced yesterday that it will spend two to three years to develop into China’s first “Deposit-Free Credit City”. This year the city will focus on cancelling deposit in three areas – hospital, travel and tourism. According to related data, 7,276,000 users have activated Zhima Credit in Hangzhou and the number of deposit-free users have reached 3,686,000, which means over 1/3 Hangzhou residents have got rid of deposit by virtue of credit. The amount of exempt deposit has reached 14.32 billion yuan. |