not all credit cards can be used for overdraft, but with the gradual improvement of social credit mechanism, credit cards that can be used for overdraft are becoming more and more popular. However, whether from the perspective of overdraft or people's psychological factors, the popularity of credit cards will inevitably stimulate consumer demand at this stage. From this point of view, the development of consumer credit cards has played a role in expanding domestic demand.
China's economy has always been driven by the troika, with export, investment and domestic demand. Now, the two wagons are in trouble, the most prominent one is the export problem. The US economy is declining, the RMB exchange rate is appreciating, the international raw material prices are high, and the financing difficulties of enterprises caused by the austerity policies adopted by China to curb inflation have all led to the export enterprises struggling to death, and the foreign demand has decreased, which will inevitably need the expansion of domestic demand to make up for it. Otherwise, The demand of the whole society is insufficient, the products are overstocked, and it is difficult for enterprises to survive. Once enterprises encounter survival crisis, such a huge labor force in China will face unemployment. Who will support such a large population? Therefore, the purpose of developing credit cards in China at this stage is to expand domestic demand and prevent economic downturn. This can also be used to explain why the rule that all holidays should not exceed three days, which was just implemented last year, has been shaken again this year. (There are seven days on National Day this year) These are all aimed at stimulating domestic consumption, because people generally spend more on holidays.
Of course, excessive consumption of credit cards will also have disadvantages. In general, it is equivalent to consuming future income in advance, which will make the market more liquid, that is, a certain amount of products correspond to too much money, which will lead to demand-driven inflation. In addition, a certain amount of social products, more for consumption, less for production, which may have a certain impact on social reproduction capacity.