Businesses to benefit from cuts to charges
Source: Xinhua |
January 22, 2013, Tuesday
|
Print Edition
Print Edition
THE Chinese government will lower bank card charges for businesses ranging from retailers to property developers in order to reduce their burden and boost consumption.
The move will take effect on February 25 as part of government efforts to trim distribution costs and expand domestic demand, according to a statement issued by the National Development and Reform Commission, the country's top economic planner, yesterday.
The cuts will save Chinese businesses about 4 billion yuan (US$637 million) a year, an NDRC official said.
Under the new charging scheme, service fees paid by catering enterprises to banks for card transactions will be cut 35.7 percent, while those paid by department stores and supermarkets will fall 21.4 percent and 25.7 percent, respectively, said the official, who declined to be identified.
Service fees charged by card payment network operators for catering businesses will drop 35 percent and those for department stores and supermarkets will both fall 20 percent, the official said.
Other types of businesses that will benefit from the policy include hotels, jewelry shops, property developers, automobile merchandisers, tourist agencies and gas stations.
Bank service fees for restaurants will be collected at a standard rate of 0.9 percent after the adjustment and the rate for payment network service fees will stand at 0.13 percent, the NDRC said.
Card transactions that take place at public hospitals and public schools will be exempt from bank and payment network service fees, the statement said.
Individual consumers will also benefit from the move, as high card charges for businesses are sometimes passed on to buyers in higher product prices, the NDRC official said.
The government is eyeing domestic consumption as a major economic driver, as softer external demand and property investment have dragged down the country's growth.
The move will take effect on February 25 as part of government efforts to trim distribution costs and expand domestic demand, according to a statement issued by the National Development and Reform Commission, the country's top economic planner, yesterday.
The cuts will save Chinese businesses about 4 billion yuan (US$637 million) a year, an NDRC official said.
Under the new charging scheme, service fees paid by catering enterprises to banks for card transactions will be cut 35.7 percent, while those paid by department stores and supermarkets will fall 21.4 percent and 25.7 percent, respectively, said the official, who declined to be identified.
Service fees charged by card payment network operators for catering businesses will drop 35 percent and those for department stores and supermarkets will both fall 20 percent, the official said.
Other types of businesses that will benefit from the policy include hotels, jewelry shops, property developers, automobile merchandisers, tourist agencies and gas stations.
Bank service fees for restaurants will be collected at a standard rate of 0.9 percent after the adjustment and the rate for payment network service fees will stand at 0.13 percent, the NDRC said.
Card transactions that take place at public hospitals and public schools will be exempt from bank and payment network service fees, the statement said.
Individual consumers will also benefit from the move, as high card charges for businesses are sometimes passed on to buyers in higher product prices, the NDRC official said.
The government is eyeing domestic consumption as a major economic driver, as softer external demand and property investment have dragged down the country's growth.
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