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July 11, 2017

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Home » Business » Finance

Lenders to cut fees to help economy grow

CHINA’S top economic planner said yesterday 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 (US$897.7 million) a year, the National Development and Reform Commission said.

From August 1, commercial banks will no longer collect commissions 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 also be suspended.

The NDRC said lenders should also waive account management fees and annual fees for clients who have only 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 vitality of a slowing economy.


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