High cost performance. If the installment discount is 2.5%, it will be 3.2% annualized. The maximum installment is 99,000 yuan, and only 5488.56 yuan is needed for 36 installments, which is much more cost-effective than credit cards. China Merchants Bank was established in Shekou, Shenzhen, 1987. It is the first joint-stock commercial bank in China that is wholly controlled by an enterprise as a legal person, and it is also the first national pilot bank to promote banking reform from outside the system. May, 202 1.