Has nothing to do with China or cards and everything to do with American laws and culture. Europe also has 0.2-0.3% interchange rates on credit, they don't have

Has nothing to do with China or cards and everything to do with American laws and culture. Europe also has 0.2-0.3% interchange rates on credit, they don't have consumer rewards programs. The high interchange rates pay for the rewards programs (and generate a ton of profit).