American Express launches its first credit card partnership with a Chinese bank on Wednesday December 8th 2004.

American Express is looking to take part in China's credit market and China's growing middle class.

The partnership is with one of China's top commercial banks "Industrial and Commercial Bank of China"

"American Express chairman Kenneth Chenault told reporters credit card penetration levels in fast-growing China, now estimated at 3 percent, were set to grow dramatically."          

This credit card will be a dual currency card, with the American Express logo on it.