Xin Hua Wang·2025-08-12 06:28Core Viewpoint - The Chinese banking sector is actively implementing fee reduction policies to support small and micro enterprises, enhancing service efficiency through financial technology, and ensuring that the benefits of these policies reach the intended beneficiaries [1][2][4][7]. Group 1: Fee Reduction Policies - Major banks like Agricultural Bank of China and Industrial and Commercial Bank of China have highlighted their efforts in reducing fees and taxes, with over 82 million market entities benefiting from a total of 12 billion yuan in fee reductions since the implementation of the policies [1][2]. - Agricultural Bank of China has created clear public announcements regarding fee reductions, utilizing various channels to ensure that small and micro enterprises are well-informed about the available benefits [2][3]. - As of the end of 2021, Industrial and Commercial Bank of China increased its free service items from 109 to 149, demonstrating a commitment to supporting struggling small businesses [3]. Group 2: Financial Technology Integration - Financial technology is playing a crucial role in accurately delivering the benefits of fee reductions to small and micro enterprises, with the People's Bank of China establishing a dynamic identification mechanism for these businesses [4]. - Minsheng Bank has implemented system upgrades to automate the identification of clients eligible for fee reductions, resulting in a total fee reduction of 262 million yuan benefiting 647,000 small and micro enterprises by the end of 2021 [4]. - Industrial Bank has integrated facial recognition technology into its account opening processes, enhancing efficiency and accessibility for small businesses [5]. Group 3: Direct Impact of Policies - In response to the COVID-19 pandemic, China CITIC Bank's Shanghai branch ensured uninterrupted cross-border services for businesses, processing nearly 500 million yuan in transactions to support local supply chains [6]. - The bank has also waived various transaction fees for approximately 50,000 enterprises, demonstrating a proactive approach to mitigating the financial impact of the pandemic [6]. - Industrial Bank has expanded its fee reduction initiatives to all corporate clients, with a total reduction of 24 million yuan benefiting 310,000 small and micro enterprises from September 2021 to February 2022 [7]. Group 4: Monitoring and Feedback Mechanisms - The People's Bank of China has established a regular monitoring mechanism to ensure the effective implementation of fee reduction policies, conducting visits to over 100,000 bank branches and 110 payment institutions [7]. - Feedback from market entities indicates that over 90% are satisfied with the execution of the fee reduction policies, reflecting the positive reception of these initiatives [7].