Chinese spending on plastic in Jeju soars 75% this year

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Chinese spending on plastic in Jeju soars 75% this year

The amount of spending Chinese tourists did on credit cards on Jeju Island increased 75 percent this year, the Bank of Korea reported Monday.

Foreign tourists accounted for more than 10 percent of all credit card charges on the island.

According to a BOK regional economic report, of the 4.9 trillion won ($4.1 billion) charged to credit cards on Jeju Island last year, tourists from abroad and from Korea were responsible for over 2.3 trillion won.

The average annual increase in credit card use since 2012 was 20.7 percent for tourists, and only 3.5 percent for locals.

The increase among Chinese tourists was 74.9 percent, and the amount of purchases charged by Chinese tourists on credit cards rose from 100 billion won in 2012 to 500 billion won in 2015.

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