Business
17:16, 10-Jul-2017
China drops bank services charges to support real economy
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China's top economic planner announced Monday the country's lenders will cancel or suspend charges on some financial services to support the development of the real economy.
The move will reduce the financial burden on bank clients by 6.1 billion yuan (897.7 million US dollars) each year, the National Development and Reform Commission (NDRC) said.
Starting from August 1, commercial banks will no longer collect commission fees on individuals' inter-city cash withdrawals from their own counters, the NDRC said in a statement.
The NDRC said that six items of charges on cashier's checks and bank drafts will be suspended.
It said lenders should also waive account management fees and annual fees for clients who only have one account at a single bank.
The central government has pledged to reduce corporate costs by 1 trillion yuan this year by cutting taxes and administrative fees, amid efforts to boost the country's slowing economy.
(Source: XInhua)
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