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China cancels charges on bank services to support real economy

China cancels charges on bank services to support real economy

BEIJING: 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 U.S. dollars) each year, the National Development and Reform Commission (NDRC) estimated.

Starting from Aug. 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. Six items of charges on cashier’s checks and bank drafts will be suspended, according to the NDRC. It said lenders should also waive account management fees and annual fees for clients who have only one account at a single bank.

China’s 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 vitality of a slowing economy.