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small and micro businesses are seeing good times again. on september 29, the china payment and clearing association and the china banking association issued the "initiative on encouraging the reduction of payment fees for small and micro enterprises" (hereinafter referred to as the "initiative"), advocating that commercial banks and non-bank payment institutions (hereinafter referred to as "payment institutions") ""), clearing agencies and other payment industry entities will continue some of the fee reduction project standards after the payment fee reduction measures for small and micro enterprises and individual industrial and commercial households expire to further support the development of the real economy.

the "initiative" states that commercial banks and non-bank payment institutions are encouraged to continue to implement preferential or reduction measures for payment fees such as bank account service fees, rmb transfer and remittance fees, electronic banking service fees and payment account service fees; for other payment service procedures fees will be reduced independently under the principle of marketization; profits and discounts from clearing agencies and card issuing banks will be simultaneously transmitted to the fee reduction targets.

fee reduction and profit transfer exceed 100 billion yuan in 3 years

according to china business news, this is a continuation of the fee reduction and profit-sharing measures that have been implemented for about three years. in june 2021, the people's bank of china and four ministries and commissions including the former china banking and insurance regulatory commission (now the state administration of financial supervision) jointly issued the "notice on reducing payment fees for small and micro enterprises and individual industrial and commercial households", requiring payment industry entities to reduce bank account fees. charging standards for service fees, card swiping fees and other government-priced and guided-price payment fee items.

in order to implement the spirit of the document, on june 25, 2021, the payment and clearing association and the china banking association issued the "proposal on reducing payment handling fees for small and micro enterprises and individual industrial and commercial households" and "on reducing interbank payment fees for automatic teller machines (atms)" "proposal on cash withdrawal fees" jointly calls on payment industry entities to implement preferential treatment for market-regulated payment fee items such as transfer and remittance fees, electronic banking service fees, payment account service fees, and atm inter-bank cash withdrawal fees.