China 2022-07-15T04:47:36+03:00
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China to cut transaction fees to invigorate market entities

China to cut transaction fees to invigorate market entities

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economy, bank, China, development, PRC, People's Bank of China
Invigorate market entities in China. Photo by Xinhua.
Invigorate market entities in China. Photo by Xinhua.

China will reduce a total of 24 billion yuan (about 3.7 billion U.S. dollars) of payment fees every year to invigorate the economy through a slew of fee cuts measures unveiled recently, a central bank official said, informed The Xinhua News Agency.

"Among the total, over 16 billion yuan will be saved for small and micro-sized enterprises and self-employed individuals thanks to fee cuts", – said Fan Yifei, deputy governor of the People's Bank of China, at a news briefing.

"The measures, which will take effect on Sept. 30 this year, focus on fee cuts in basic payment services, including bank account services, RMB settlement and e-banking", – said Fan.

"These measures will help reduce the cost of capital circulation, boost consumption and promote the high-quality development of the national economy", – said Fan.

"The country will also introduce long-term measures to reduce fees for interbank ATM cash withdrawal", – Fan added.

Больше новостей о: economy bank China development PRC People's Bank of China




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