Postal Savings Bank of China Commits to “Cutting Fees and Ceding Profits” for Small Businesses

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One of China’s big six state-owned banks has reiterated its commitment to the Chinese central government’s call for lenders to “sacrifice profits” in order to better support the real economy during the COVID-19 era.

In an official statement released on 25 February, Postal Savings Bank of China (PSBC) said that it had “earnestly implemented relevant policies to thoroughly implement the CCP Central Committee and State Council policy of cutting fees and ceding profits.”

“[We] have reduced processing fees for micro and small enterprises and individual industrial and commercial registrants, as well as cross-bank withdrawal fees for ATM’s,” said PSBC in the statement.

PSBC highlighted cumulative reductions in payment services fees of more than 700,000 yuan in Jilin province as of the end of January 2022, as well as fee reductions of more than 1.7 million yuan in Chongqing municipality, benefiting over 7,200 micro-and-small enterprises and individual industrial and commercial registrants.

The big state-owned bank said that it will “continue to earnestly implement the fee reduction and profit ceding policy, and pragmatically reduce the operating costs for market entities including micro-and-small enterprises.”