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China cuts fees to a bid to boost economy

China cuts fees to a bid to boost economy

Chinese authorities have cut fees on transactions and payment services as part of its efforts to boost the economy.

Having polled 50,000 small, micro and individual businesses and four government agencies, the government took the decision to introduce 12 fee-cut policies on basic payment services.

The policies, covering areas including bank account services and currency transactions, will take effect on 30 September 2021.

In addition, the People’s Bank of China and the China Banking and Insurance Regulatory Commission unveiled measures to reduce cross-bank cash withdrawal fees on automated teller machines (ATMs) to facilitate the use of cash.

According to preliminary estimates, the implementation of the fee reduction measures is expected to reduce the annual fee expenditure for the public by about 24 billion yuan (about $3.71 billion), of which more than two-thirds will benefit small and micro businesses.