BEIJING, Sept. 16 (Xinhua) -- China encouraged securities firms, fund firms, and guarantee institutions to cut their service charges to further lower costs for market entities, reported Xinhua-run China Securities Journal on Friday.
The newspaper cited a document publicized by the General Office of the State Council on Thursday as saying. As the document shows, the move represented merely a part of the measures included in the file to optimize business environment and reduce institutional transaction costs for businesses.
Apart from a raft of other measures on multiple aspects such as breaking invisible thresholds, the document proposes to enhance regulation over company-related charges including pouring efforts into streamlining the financial service fees.
Financial infrastructure institutions in China will also be promoted to reasonably cut charges relative to transactions, custody, registration, and clearing services.
Financial institutions such as banks are encouraged to provide reasonable discount for charges on small- and micro-sized enterprises and reduce appropriately or exempt charges including account management fees.
Besides, a long-term regulatory and supervisory mechanism for bank charges is required to be optimized in a faster pace and amendment to the commercial bank service price management rules will be speeded to reinforce regulation over financial services charges to help ease burden on companies. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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