Financial Institutions Encouraged to Cut Fees
28 June 2021
At the State Council executive meeting chaired by Premier Li Keqiang on 18 June, decisions were made to further encourage financial institutions to cut fees for the benefit of businesses and the people. These measures are expected to reduce the burdens of enterprises and the people by RMB24 billion each year. The meeting decided to cut fees in six areas. Financial institutions are encouraged to waive withdrawal fees for payment accounts of micro and small firms and individually-owned businesses and cut service charge for online payment by 10%. Fees on bank card transactions are to be reduced, interbank transfer fees for micro and small firms reduced or exempted, and ATM interbank cash withdrawal fees slashed.
Source: State Council
- Mainland China