In the past two decades, the Chinese economy has undergone many reforms in an effort to compete more effectively on the international market.These reforms included allowing foreign hanks to offer credit cards to Chinese citizens, Now, researchers at the University of Missouri (MU)have found about 30 percent of Chinese urban households now own at least one credit card and the growth rate of credit card adoption has been an average of 40 percent per year between 2004 and 2009. Rui Yao, an assistant professor of personal financial planning at MU, says that this large growth in such a small amount of time has positive and negative implications for the Chinese economy. "With more and more people taking advantage of credit in China, it certainly increases potential consumer buying power," Yao said."However, we found that more than 90 percent of non-credit card users were unaware of safety issues existing in credit card use and more than 60 percent had little knowledge of the consequences of credit card debt.Thus lack of knowledge could create problems as credit card ownership is expected to grow at a rate of I percent a year." Yao found that would 72 percent of Chinese credit card holders were never late on their payments, only 55 percent were able to pay the full balance.She also found that 70 percent of Clones credit card holders said that credit cards contributed to overspending. Yao believes the Chinese could benefit from facial education designed to help them plan for their financial future and encouraging the Chinese to take advantage of debt in a responsible fashion is important for the Chinese economy."Appropriate use of debt can help households improve their quality of life as well as spur economic growth through an increase in market purchases." Yao said. A lot of figures are used in the text in order to   _  .
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