by Daniel Ren in Beijing
SCMP, page A1, December 1, 2009
1. This strategy appears to have backfired,
- had an opposite effect -
... with the credit card binge by mainland consumers now reminiscent of similar problems in developed countries
- excess -
2. all banks are gearing up ...
- preparing themselves -
... to expand the high-yield, while risky, business
- high-profit -
3. The rapid pace of credit-card issuance will continue as banks vie for a big market share
- compete eagerly -
4. the hefty rise in the default rate
- very high -
wouldn't deter his company and other rivals from further exploring the credit card business
- discourage -
5. ... to cover bad debts arising from a lending spree earlier this year
- unrestrained lending -
6. They warned the thorny issue
- problematic, difficult -
... would spin out of control
- get out of control -
... if the reckless card issuance continued.
- careless, irresponsible -
7. eying a circulation of 12 million
- aiming for -