Bankcard transactions conducted during the first half of the year amounted to 178.6 trillion yuan (about 27.9 trillion U.S. dollars), according to data released on Friday by the China Banking Association.

Banks in China have issued a total of 2.67 billion bankcards as of the end of June, or roughly two cards for every Chinese citizen, according to the association.

The massive figures were supported by fast-growing retail sales, which rose 17 percent year-on-year to hit 1.47 trillion yuan last month, according to data published on Friday by the National Bureau of Statistics.

Credit cards account for 230 million of the total number of bankcards that have been issued, with cardholders making transactions totaling 3.3 trillion yuan during the first half, according to the association.